Tax ID or Bust: Bank Accounts Face January 2026 Deadline
The Big Picture: Nigeria’s tax authorities just put a date on it: come 1 January 2026, you’ll need a verifiable Tax Identification Number if you want to keep that bank or brokerage account open. The move is part of a wider push by the Federal Inland Revenue Service (FIRS) to haul more people into the tax net and close Nigeria’s gaping compliance gap.
The Details: First reported by BusinessDay, the requirement isn’t exactly new, it builds on a 2019 Finance Act tweak to the Nigeria Tax Administration Act. What is new is the final countdown clock and the promise of a seamless ID mash-up. FIRS officials have spent the week insisting that “no one needs a separate TIN,” telling Punch and later The Nation that existing National Identification Numbers (for individuals) and CAC RC numbers (for companies) will be auto-synced.
Why It Matters / What They’re Saying: Confusion flared on social media, with some users fearing fresh queues at tax offices. Data analyst Daramola Omoyele told Realnews that harmonising multiple IDs is “the only way this reform won’t crash under its own admin weight.” Meanwhile, critics warn that without better public-sector transparency, the extra data haul could feel more like Big Brother than nation-building.
Around the Tax World
• Fuel-Tax Face-Off: Human-rights lawyer Femi Falana wants the government to bin the proposed 5 % fuel surcharge and resurrect the FERMA road-user charge instead, arguing the new levy would pile “multiple taxation” on motorists (The Guardian).
• e-Invoicing Bonanza: Payment platform e-Tranzact soared 45 % in a week after FIRS certified it for the nationwide e-invoicing rollout, designed to pipe every sales receipt straight to the taxman (BusinessDay).
• PAYE Relief Incoming: Over 90 % of PAYE earners,anyone pulling in ₦1.7 million or less a month,will see lower payroll taxes under the new law, and minimum-wage workers will pay nothing at all (Independent).
• Tax Burden vs. Waste: Ex-CBN deputy governor Kingsley Moghalu says it’s “unjust” to demand more taxes while corruption festers, calling for spending reforms before revenue raids (Daily Post).
By the Numbers
Tax Stat of the Day: 45 % , the one-week share-price jump for e-Tranzact after landing FIRS approval for e-invoicing. Investors clearly like the sound of plug-and-play compliance.
Looking Ahead
All eyes now turn to the FIRS implementation rulebook, due later this quarter. That document will spell out exactly how banks, fintechs, and the rest of us plug our IDs into the tax grid before the 2026 buzzer.