The Chairman, Presidential Fiscal Policy & Tax Reforms Committee, Taiwo Oyedele, has clarified fears about the use of Tax Identification Numbers for bank accounts ahead of the January 2026 rollout of new tax regulations. He urged Nigerians not to panic, noting that the TIN requirement primarily applies to business accounts to facilitate efficient tax administration. He posted, “𝐓he 𝐅ear: Your bank account will be frozen without a Tax ID, and you will be automatically debited from January 2026. “𝐓he 𝐅act: Tax ID (TIN) is only required for income or business accounts. The Tax ID requirement is for ease of administration, not punishment, and applies primarily to business accounts.

Source: Punch December 26, 2025 19:46 UTC