 has moved to allay growing fears that Nigerians may be barred from banking and financial services){kind=link}
The Joint Tax Board (JTB) has moved to allay growing fears that Nigerians may be barred from banking and financial services from January 1, 2026, due to the absence of a Tax Identification Number (Tax ID).
The clarification follows widespread debate after President Bola Ahmed Tinubu signed four new Tax Acts into law, set to take effect at the start of next year.
Some interpretations of the legislation had suggested that bank customers would be required to present a valid Tax ID before accessing accounts or conducting financial transactions.
In a statement issued on Monday in Abuja, JTB’s Head of Corporate Communications, Akpe Adoh, described those claims as inaccurate and misleading.
“We want to make it absolutely clear that Nigerians will not be denied access to their bank accounts or any form of financial service because they do not have a Tax Identification Number by 2026,” Adoh stated.
According to the tax authority, the purpose of the new reforms is to simplify Nigeria’s tax framework, reduce the burden of multiple taxation, and ensure fairer treatment for vulnerable citizens and small businesses.
The board explained that the reforms will also introduce exemptions for low-income earners while restructuring tax rates in a way that would leave “the majority of Nigerians paying less tax than before.”
As part of its implementation strategy, the JTB disclosed that it is working with the Federal Inland Revenue Service (FIRS) and state tax agencies to establish a unified tax identification system.
Under this arrangement, individuals will automatically receive Tax IDs through their National Identification Number (NIN), while businesses will obtain theirs via Corporate Affairs Commission (CAC) registration details.
Reiterating its position, the board emphasised that no Nigerian would be locked out of financial services when the new tax laws come into force.
“We restate for emphasis that from January 1, 2026, all Nigerians will still be able to use their bank accounts and conduct transactions, regardless of whether they already possess a Tax Identification Number,” the JTB reassured.
Despite the reassurance, the wording of the Tax Administration Act continues to generate concerns among citizens, particularly regarding enforcement.
Analysts have noted that the JTB’s position appears softer than the strict provisions in the new law.
The Tinubu administration’s tax drive has already drawn criticism, especially with the proposed 5 per cent Petroleum Products Tax.
Finance Minister and Coordinating Minister of the Economy, Wale Edun, recently clarified that the levy will not be enforced immediately, noting that the government intends to proceed cautiously to avoid overburdening Nigerians.