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FG makes Tax ID number compulsory to open bank accounts from 2026
From January 1, 2026, Nigerians will no longer be able to open or run bank accounts without a Tax Identification Number (Tax ID). The Federal Government made this announcement following the signing of the new Nigeria Tax Administration Act, 2025, which ties tax registration directly to access to financial services.
According to the law, every individual, business, and even government body at all levels must register with the tax authorities and obtain a Tax ID. The rule also extends to foreign companies that supply taxable goods or services in Nigeria, meaning they too must comply.
One of the key provisions of the Act is that banks, insurance firms, and stockbroking companies will only offer their services to customers who have a valid Tax ID. Without it, you won’t be able to open an account, apply for insurance, or trade in shares.
Tax authorities have also been given more powers under this law. They can issue Tax IDs to people or businesses who fail to register on time, and they can deny an application if the requirements are not met. In such cases, they are expected to notify applicants within five working days.
The Act also makes room for flexibility. If someone pauses their business, they can apply to have their Tax ID marked as dormant. For those shutting down permanently, deregistration is possible, and their Tax ID will be cancelled. This move is meant to tighten Nigeria’s tax system, broaden the tax net, and increase government revenue. It also creates a direct link between taxation and the financial sector.
Nigerian pastor and overseer of the Citadel Global Community Church, Pastor Tunde Bakare, addresses and reacts to the current happenings of the country regarding the kidnapping and the abductions.
The pastor urges the government on steps they can take to solve and help the people of the country. “The Nigerian government has a clear and urgent duty to protect these Middle Belt communities, who have carried the weight of violence for far too long.”
“Rather than play the ostrich and cover up clear terrorism as mere farmer-herder clashes, the Nigerian state has a responsibility to invade the camps of armed marauders who hide under the cloak of herdsmen of whatever ethnicity, and who invade defenceless communities and gleefully massacre unarmed men, women and children.”
US President Donald Trump criticizes the Nigeria government once again after the increase of insecurity over the past few days. The president stated that the government is failing to protect Christian communities from the attacks going on.
“Nigeria is a disgrace. The whole thing is a disgrace,” Trump said. “They’re killing people by the thousands. It’s a genocide, and I’m really angry about it. And we pay, you know, we give a lot of subsidies to Nigeria. We’re going to end up stopping.”
Former Vice President Atiku Abubakar speaks out against the rising insecurity in the country. He urged the government to take action and claimed that it is not too late to declare a state of emergency.
He reacted after another news of abduction of students was announced on the 21st of November.
“How many more lives must be shattered before decisive action is taken? It is not too late for the government to finally declare a state of emergency on insecurity and confront this menace with the urgency it deserves.”
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