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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.
It has been reported that a Nigerian won the 2026 Spelling Bee World Championship, which was held in Shanghai, China. The winner, Chinedu Great Okdediachi, has now returned home to Delta State after his victory.
It can be noted that the student had already emerged as one of the Gold Award winners in the Middle School Group category.
“Congratulations once again, Chinedu! Your success continues to inspire young Nigerians to pursue excellence through education. Welcome home, Champion!”
The young star has made Nigeria proud by winning the international competition.
President Bola Ahmed Tinubu has stated that his administration’s economic reforms have helped stabilise Nigeria’s economy and placed the country on a path toward steady growth.
He said “My reforms have stabilised Nigeria’s economy and put it on a path of steady growth.”
The President added that the reforms are creating more opportunities for development across the country.
However, many Nigerians reacted online, with some questioning the impact of the reforms and saying they have yet to experience the positive effects.
Nigerian politician and FCT Minister, Nyesom Wike, has said that he is aware many civil servants do not like him.
He shared that he understands why he is unpopular among some civil servants, explaining that funds previously spent on unnecessary conferences are now being redirected to road construction projects.
He said “Some people say conferences for corruption and I say what is that? You are going for conferences to do what? These are ways government funds are being diverted. I say put this money in this road here and the people will get the impact.”
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