The Joint Tax Board (JTB) has clarified that Nigerians without a Tax Identification Number (Tax ID) will not be denied access to their bank accounts after January 1, 2026.
The clarification follows reports that the Tax Administration Act, which takes effect on that date, would make a Tax ID mandatory for individuals seeking to use banking, insurance, or stock market services.
In a statement issued in Abuja, JTB spokesperson Akpe Adoh said Nigerians will “continue to have access to their bank accounts and carry out financial transactions even beyond January 1, 2026.”
He explained that ongoing reforms under President Bola Tinubu aim to simplify compliance, reduce multiple taxation, and exempt vulnerable groups and small businesses from certain tax burdens.
As part of the reforms, the JTB and the Federal Inland Revenue Service (FIRS) are working on a harmonised National Tax Identification system. The plan will link individual Tax IDs to the National Identification Number (NIN) and businesses to their Corporate Affairs Commission registration numbers.
This will allow automatic generation of Tax IDs, ensuring Nigerians remain able to conduct financial transactions without disruption.
The JTB urged the public to ignore contrary reports, stressing that it is committed to “people-centred tax policies that promote growth, fairness, and ease of doing business.”
The board’s position, however, differs from the clear wording of the Act, leaving uncertainty about how the law will be implemented when it comes into effect.
Okay.ng reports that the law also introduces a 5 percent Petroleum Products Tax, which has already faced public criticism. Finance Minister Wale Edun has said there is no immediate plan to enforce that provision.
