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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.
TV anchor Rufai Oseni makes headlines as he speaks on fuel subsidy in Nigeria. He shared that Nigeria can have fuel subsidy without the long queues at filling stations.
“When we were still paying subsidies, there were no long queues. We were subsidising. So you can still have a subsidy regime going on, and there will be no long queues because production was close by. Dangote had it. That’s just it. That argument also falls flat.
“The biggest beneficiaries of subsidy are not Nigerians. They are crony capitalists that have big infrastructure, and they do contracts. They have been the biggest beneficiaries of the subsidy,” he said.
Lagos State Governor, Sanwo-Olu, speaks to those in the electricity sector about the usual blackouts in the state.
He speaks on ways things can change in the state and how electricity can be provided.
“We need to drop corporate egos, abandon long-standing excuses, and confront the harsh realities obstructing progress in the power sector.”
“We, state governments, used to give excuses that everything is centralised, so the Federal Government has unbundled it now. What have we done in a year and a half?” Sanwo-Olu asked.
“We take two steps forward, we go five steps backward,” he said.
Lagos State Governor Babajide Sanwo-Olu has declared Thursday, August 20, a work-free day for public servants in the state to mark the Isese Festival.
Speaking on the celebration, he said “Ìṣẹ̀ṣe is not a relic. It is a living expression of our traditions and a celebration of Yoruba spirituality as an important part of Nigeria’s cultural and religious landscape,” he said.
He added “When the drums sound in Lagos on Thursday, they answer drums in Havana, in Salvador, in Port of Spain. Fifty-five million people and counting. Lagos is not observing a local holiday. Lagos is standing at the centre of a global heritage,” Aregbe said.
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