BREAKING NEWS: FG Announced New Requirements To Open And Operate Bank Account

According to a report from Vanguard, Beginning January 1, 2026, Nigerians and non-residents will be unable to open or operate a bank account without a valid Tax Identification Number (Tax ID).. Read Full Article.. .

The requirement is part of the Nigeria Tax Administration Act, 2025, recently signed into law by President Bola Tinubu.

The Act broadens the use of Tax IDs beyond banking, making them compulsory for insurance, stock market transactions, and contracts with federal and state governments.

Under the law, every taxable person must register with the relevant authority to obtain a Tax ID card, while all ministries, departments, and agencies across all tiers of government are also required to secure theirs.

Non-residents providing taxable goods or services in Nigeria will likewise need to register and pay tax in the country.

The legislation empowers tax authorities to issue a Tax ID automatically if an individual fails to apply, or reject applications based on available information, with decisions to be communicated within five working days.

Business owners are also required to notify tax authorities within 30 days of suspending or shutting down operations so that their Tax IDs can be marked dormant or deregistered.

The Act further establishes the Nigeria Revenue Service, led by an Executive Chairman who will head the Governing Board for a renewable four-year term.

The Service will be funded by a four percent deduction from all revenues it collects, excluding petroleum and..  Read . .More —