FG Introduces New Requirement To Open, Operate Bank Accounts

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Nigerians and non-residents will need a Tax Identification Number (Tax ID) in order to open or manage bank accounts as of January 1, 2026.

President Bola Tinubu recently signed the Nigeria Tax Administration Act, 2025, into law, which includes this new requirement.

The regulations also requires Tax IDs for other business and financial operations, such as contracts with the federal and state governments, insurance, and stock market transactions.

Every taxable person is required by law to register with the relevant authority in order to receive a Tax ID card. All governmental levels’ ministries, departments, and organizations must also have Tax IDs.

Nigeria requires all non-residents who offer taxable products and services to register and pay taxes there. The Act additionally gives tax authorities the authority to deny an application if required information justifies it or to award a Tax ID to those who do not apply, with reply to be given within five working days.

The tax authority must be notified within 30 days by business owners who stop or permanently close their operations; otherwise, their tax ID will be deregistered or designated inactive.

The Nigeria Revenue Service is likewise created under the law, and its Governing Board is led by an Executive Chairman who serves a four-year renewable term. A four percent deduction from all collected revenues—with the exception of petroleum royalties—will be used to pay the Service.

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