- JTB says Nigerians won’t lose bank access without Tax ID in 2026.
- New reforms aim to cut multiple taxation and protect small businesses.
- National tax system to link Tax IDs with NIN and CAC numbers.
The Joint Tax Board (JTB) has reassured Nigerians that they will not be denied access to their bank accounts or financial services from January 1, 2026, for not possessing a Tax Identification Number (Tax ID).
The clarification follows growing concerns after President Bola Ahmed Tinubu signed four new Tax Acts, set to take effect from January 2026. Reports had suggested that Section 8(2) of the new Tax Administration Act makes Tax IDs mandatory for accessing banking, insurance, stock market transactions, and other financial services.
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EKO HOT BLOG reports that in a statement issued in Abuja on Monday, JTB’s Head of Corporate Communications, Akpe Adoh, described such interpretations as misleading.
“Nigerians are hereby assured that they will continue to have access to their bank accounts and also continue to carry out financial transactions even beyond January 1, 2026,” the board stated.
The JTB explained that the new reforms are designed to simplify compliance, reduce multiple taxation, and exempt vulnerable individuals and small businesses from certain obligations. “These reforms include eliminating multiple taxation, granting exemptions to vulnerable individuals and small businesses, and ensuring that most Nigerians will pay lower taxes under the new tax regime,” the statement added.
According to the JTB, efforts are underway with the Federal Inland Revenue Service (FIRS) and state revenue agencies to create a harmonised national tax identification system. The system will automatically generate Tax IDs using individuals’ National Identification Numbers (NIN) and businesses’ Corporate Affairs Commission (CAC) registration numbers.
The board further urged Nigerians to remain calm, stressing that no one would be locked out of the financial system. “For the avoidance of doubt, 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 assured.
Meanwhile, the new tax laws have sparked criticism, particularly over the proposed 5 per cent Petroleum Products Tax. The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, clarified last week that there is no immediate plan to enforce the levy.
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