Taiwo Oyedele says policy will strengthen compliance, expand tax net, and modernise Nigeria’s revenue system
Banks across Nigeria will be required to request a Tax Identification Number (TIN) from all taxable Nigerians beginning January 1, 2026, as part of sweeping reforms introduced under the country’s new tax laws, according to Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms.
Oyedele disclosed that the policy is designed to deepen tax compliance, improve transparency within the financial system, and significantly expand Nigeria’s tax base. Under the new framework, individuals and businesses that qualify as taxable entities will be expected to provide a valid TIN when carrying out banking transactions, effectively linking financial activities to the national tax system.
He explained that the reform is not intended to punish citizens, but to create a fairer and more efficient tax environment where everyone who earns taxable income contributes appropriately to national development. By integrating banking operations with tax identification, the government aims to reduce tax evasion, close revenue leakages, and ensure better data-driven fiscal planning.
According to Oyedele, the initiative forms a key part of the Federal Government’s broader strategy to modernise Nigeria’s tax administration, align it with global best practices, and reduce over-reliance on oil revenues. He noted that the reforms would also simplify compliance for taxpayers by creating a more coordinated system between financial institutions and tax authorities.
The committee chairman added that adequate sensitisation would be carried out ahead of the 2026 implementation date to ensure Nigerians understand the requirements and have sufficient time to obtain their TINs. He reassured the public that the reforms would be implemented in phases, with safeguards in place to protect vulnerable groups and avoid unnecessary disruption.
As the new tax laws approach, financial institutions are expected to upgrade their systems and collaborate closely with relevant tax agencies to ensure seamless enforcement. Analysts say the move could mark a major turning point in Nigeria’s revenue generation efforts, strengthening fiscal sustainability and supporting long-term economic growth.
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