The Joint Tax Board (JTB) has reassured Nigerians that they will not be denied access to bank accounts or financial services due to lack of a Tax Identification Number (Tax ID), even after the new tax laws take effect on January 1, 2026.
This clarification comes amid widespread confusion following reports that the recently signed Tax Administration Act would require all Nigerians to have a Tax ID before they can operate bank accounts or access financial services like insurance, stock trading, and related activities.
Quoting Section 8(2) of the Act, some reports claimed that individuals without a Tax ID would be blocked from such services starting 2026. But in a statement released yesterday by Akpe Adoh, Head of Corporate Communications, the JTB firmly dismissed these reports.
Nigerians are hereby assured that they will continue to have access to their bank accounts and financial transactions even beyond January 1, 2026, the statement said.
The JTB noted that the new tax reforms, championed by President Bola Ahmed Tinubu, aim to simplify and modernise tax compliance, not to penalise citizens or block access to essential services.
The reforms include harmonised National Tax ID System using the National Identification Number (NIN) for individuals and Corporate Affairs Commission (CAC) Registration Number (RC) for businesses.
They also include automatic generation of Tax IDs, ensuring no disruption to banking activities, reduced tax burden for small businesses and vulnerable individuals and elimination of multiple taxation.
No one will be denied access to financial services due to not having a Tax ID, the JTB stated, adding that the public should disregard any contrary claims.
