FG to Mandate Tax ID for Bank Account Opening, Transactions Starting January 2026
[NigerianEye - Nigeria] - 11/09/2025
Starting January 01, 2026, Nigerians and non-residents must have a Tax Identification (Tax ID) to open or operate bank accounts, as stipulated in the Nigeria Tax Administration Act, 2025, signed into law by President Bola Tinubu on June 26, 2025.The new law also requires a Tax ID for insurance, stock market transactions, and contracts with federal or state governments. All taxable individuals, as well as federal, state, and local government ministries, departments, and agencies, must register with the relevant authority to obtain a Tax ID card.Non-residents supplying taxable goods or (…)
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