The Joint Tax Board (JTB) has said that Nigerians without Tax Identification (Tax ID) can continue to operate bank accounts beyond January 1, 2026.

The four new Tax Acts recently signed by President Bola Tinubu will come into effect from January 1, 2026.

The JTB in a statement, yesterday, in Abuja, was reacting to reports that the Tax Administration Act makes Tax ID mandatory for persons who want to transact banking and other financial services in the country.

Section 8 (2) of the legislation makes Tax ID mandatory for any person to operate a bank account or get involved in insurance, stocks or allied services in the country, once the Act comes into force from January 1, 2026.

JTB’s statement by Akpe Adoh, Head of Corporate Communications, reads in full, “The attention of the Joint Tax Board (JTB) has been drawn to recent reports and insinuations suggesting that Nigerians without a Tax Identification (Tax ID) will be denied access to their bank accounts or prevented from carrying out financial transactions from January 1, 2026.

“Nigerians are hereby assured that they will continue to have access to their bank account and also continue to carry out financial transactions even beyond January 1, 2026.

“In line with the tax reforms championed by His Excellency, President Bola Ahmed Tinubu, Government is working to make tax compliance simpler, fairer, and more inclusive for all Nigerians. These reforms include eliminating multiple taxation, granting tax exemptions to vulnerable individuals and small businesses, and ensuring that the majority of Nigerians will pay lower taxes under the new tax regime.

“To support this vision, the JTB (comprising the 36 States Internal Revenue Service, the FCT-IRS and the FIRS) and the FIRS are collaborating on a harmonised National Tax Identification system.

“This system will leverage the National Identification Number (NIN) for individuals and the Registration Number (RC) for businesses as unique identifiers for tax purposes.

“This initiative will enable the seamless and automatic generation of Tax IDS for individuals with NIN and businesses with RC thereby making it easier for Nigerians to comply with tax requirements without any disruption to their banking and/or financial activities.

“We therefore urge the public to remain calm and ignore any claims to the contrary.

“Again we restate for the avoidance of doubt that Nigerians will continue to have access to their bank accounts and carry out financial services beyond January 1, 2026, and no one will be denied access on account of not having a Tax ID.

“The JTB remains committed to implementing people-centred tax policies that promote economic growth, fairness, and ease of doing business while ensuring that Nigeria remains a tax friendly environment.”

JTB’s position is at variance with the provisions of the law as the public awaits its implementation.

The provision which imposes 5 percent Petroleum Products Tax had attracted widespread criticisms which prompted a clarification by the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, last week, that there was no immediate plan to implement it. (Vanguard)

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