The current anxiety over the commencement of new tax policy next year that would require, among others, mandatory tax Identity by customers may have been heightened following banks insistence that non compliance may lead to account owners being barred from carrying out transactions, effective, January 1, 2026.
The Nigerian Tax Identification Act (NTAA) 2025 stipulates that all bank accounts are required to be linked to a tax ID or National Identity Number, in the case of customers without a tax ID.
But, a press release allegedly from the Joiht Revenue Board, ( JRB) may have further increased the confusion in the industry.
The release dated December 12, claimed that “The Joint Revenue Board (JRB) reiterates that there will be no restrictions on bank accounts or financial transactions effective 1st January 3026, due to the non availability of tax IDs….The JRB assures Nigerians that tax ID will be automatically issued to every taxable person using NIN for individuals and CAC registration number for businesses.
Banks To File Reports On Accounts With N25m Quarterly Turnover Under New Tax Law
Metrobusinessnews.com (MBN) gathered that the development is causing anxiety in the industry.
But Fidelity bank, which in a reminder notice to its customers on Sunday said that restrictions may be imposed effective January 1, 2026, on account holders without the requirements, would rather not comment despite growing anxiety among its customers, when MBN sought its reactions.
However, while the banks are exploring options to simplify the process to customers for their retention, the customers, on the other hand are engulfed in the discussioms over rhe propriety or otherwise of the policy, particularly with the burden of several deductions and levies by the lenders.
Sources say some of the banks may have decided to be quiet over the issue while discreetly encouraging their customers to ensure completion and compliance latest by the end of January.
Fidelity, which sent a reminder notice to its customerss, however provided options to them to ensure compliance.
In a reminder notice to its cusromers dated January 14, 2026, the bank said, “The Nigerian Tax Administration Act (NTAA) 2025, stipulates that all bank accounts are required to be linked to a tax ID or National Identity Number (NIN) (for customers without a tax ID). This Act would come into effect on January 1, 2026.
This implied that accounts without tax ID or National Identity Number) may be restricted from transacting as from January 1, 2026.
To ensure your account remains accessible, please update your NIN on your account as soon as possible.
Please use any of the options below to update your NIN today. ”
The federal government had recently announced a definitive timeline for stricter tax compliance, which will require banks to demand TINs from all taxable Nigerians operating bank accounts beginning in 2026.
Taiwo Oyedele chairman of the Presidential Committee on Fiscal Policy and Tax Reforms has been trying to convince Nigerians who are wary of rising poverty to embrace the policy, sismising punitive measures as alleged ny some Nigerians.
While confirming the regulatory change in a recent interview shared on his X (formerly Twitter) account, Oyedele explained that the enforcement is anchored on Section 4 of the Nigerian Tax Administration Act, which legally mandates all taxable persons to register and obtain a TIN.
“A taxable person is anyone who earns income through trade, business, or any economic activity. So banks must request a tax ID from taxable persons,” he stated.
He noted that the policy is not entirely new, as it was first introduced under the 2020 Finance Act but has not yet been fully enforced.
According to him, the NTAA now provides the necessary legal framework to ensure comprehensive compliance across the banking sector from 2026.