Nigerians React to Plan to Link Bank Accounts to Tax Numbers (Video)
Last update: October 26, 2025
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Effective January 1, 2026, a Tax ID will be needed by any person to operate a bank account or get involved in insurance, stocks or allied services.
Nigerians have expressed mixed reactions to a government proposal that would require bank account holders to provide their Tax Identification Number (TIN) as part of efforts to widen the tax net.
According to the government, the measure aims to improve compliance in a country where only a small fraction of the population pays personal income tax.
Laundryman, Segun Karamu does not feel good about the government's plan.
While Analysts see the plan as a means to boost government revenue, getting citizens to back the plan may be a huge task for the government.
CBI News reports that the Tax Identification Number (TIN) is a 13-digit unique identifier for all taxable persons and entities in Nigeria. It says details such as issuance year, registry source (NIN for individuals, RC for corporates), state of registration, and a cryptographic fragment for security, ending with a check digit.
