News
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.
News
Ngozi Okonjo-Iweala Says Nigeria Lacks a Maintenance Culture
The Director-General of the World Trade Organization (WTO), Ngozi Okonjo-Iweala, has spoken on Nigeria’s economy, stating that the country lacks a good maintenance culture.
She said “The fact is that endowments alone do not add value. Budgetary allocations alone do not lead to new roads or good maintenance.”
“We lack a maintenance culture in the country. I have to say that. I’m Nigerian, but we need that. We need better ports and digital infrastructure, and lower trade costs. Execution is what matters, and successful execution requires focus. It requires prioritisation.”
News
Peter Obi Criticises President Tinubu’s Statement on Hunger
Politician and former presidential candidate Peter Obi speaks on President Bola Tinubu’s comments regarding the rising hunger and worsening economic situation in Nigeria.
It can be noted that the President recently stated that hunger has always existed in Nigeria.
Peter Obi responded “I watched with deep concern the statement made by President Bola Tinubu to the Catholic Bishops, that there has always been hunger in Nigeria, even before he was born.”
“While it is true that hunger has been a part of human life and has existed in our country for decades, such a statement appears insensitive to the plight of the millions of Nigerians who face worsening economic hardship today.”
News
Nigerian Army Launches New IED Training Programme
Reports have been shared stating that the Nigerian Army has launched a new programme designed to train and improve the skills of engineers in tackling threats posed by Improvised Explosive Devices (IEDs).
The seminar is being organised by the 41 Engineer Brigade of the 1 Division Nigerian Army.
It was stated “Improvised Explosive Devices have become one of the greatest security threats confronting the Nigerian Army in ongoing counter-insurgency operations. Their widespread use has complicated military operations and humanitarian activities in conflict-affected areas.”
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