Keep up with the latest news and be part of our weekly giveaways and airtime sharing; follow our WhatsApp channel for more updates. Click to Follow us

The Federal Government has announced that possession of a Tax Identification Number (Tax ID) will become compulsory for all Nigerians engaging in banking and allied financial services beginning January 1, 2026.

The new directive is contained in the Nigeria Tax Administration Act, 2025, recently signed into law by President Bola Ahmed Tinubu.

According to Part II Section 4 of the Act, “All taxable individuals and organisations are required to register with the relevant tax authority and obtain a Taxpayer Identification Card.”

The Act further mandates that every ministry, department, and agency at the federal, state, or local level must also secure a tax ID. Non-resident individuals or entities supplying taxable goods or services in Nigeria are equally obliged to obtain one

The law empowers tax authorities to issue a Tax ID on behalf of those who fail to apply, or reject applications if available information warrants such action. “Where an application is refused, the applicant must be duly notified within five working days,” the Act stipulates.

In addition, Section 8 of the legislation makes possession of a Tax ID a prerequisite for government contracts, banking transactions, insurance policies, stock market participation, and other financial services. “No Nigerian will be able to access these services without a valid Tax ID,” the law makes clear.

The Act also provides for temporary suspension or permanent deregistration of Tax IDs if holders cease business operations.

Meanwhile, the Nigeria Revenue Service Establishment Act, 2025, strengthens the powers of the Service’s Executive Chairman, who will also chair its Governing Board. The board will include representatives from the Ministries of Finance, National Planning, Justice, Petroleum, the Central Bank of Nigeria, the Nigeria Customs Service, the Corporate Affairs Commission, and other key institutions.

Under the law, “the Executive Chairman shall serve a four-year renewable term”, while the service itself will be funded through a 4 percent deduction from collected revenues, excluding petroleum royalties.

Please don’t forget to “Allow the notification” so you will be the first to get our gist when we publish it. 
Drop your comment in the section below, and don’t forget to share the post