Tax ID Required to Open Bank Accounts in Nigeria from January 2026

Starting January 1, 2026, all Nigerians and non-residents must obtain a Tax Identification Number (Tax ID) to open or operate bank accounts in Nigeria.

This follows the recent signing of the Nigeria Tax Administration Act, 2025, by President Bola Tinubu. The law mandates that a Tax ID is compulsory not only for banking but also for insurance, stockbroking, and other financial services.

The Act further requires individuals and entities contracting with federal or state governments to have a valid Tax ID.

For non-residents, the law requires registration and Tax ID acquisition if they supply taxable goods or services or earn income from Nigeria.

To enforce compliance, tax authorities are empowered to assign Tax IDs to those who fail to register and can suspend or deregister IDs for businesses that halt operations, with proper notification within 30 days.

The legislation aims to broaden Nigeria’s tax base and improve revenue collection. Financial institutions are now preparing to update their systems ahead of the 2026 implementation deadline.