Tax experts have raised doubts over the Joint Tax Board’s (JTB) assurance that Nigerians without a Tax Identification (Tax ID) will still be able to access and operate bank accounts beyond January 1, 2026, warning that the new Tax Administration Act (NTAA) appears to say otherwise.
In a statement on Monday, the JTB, through its Head of Corporate Communications, Akpe Adoh, urged Nigerians to ignore reports suggesting they would be denied access to bank accounts without a Tax ID.
However, analysts point to Section 8 of the NTAA, signed into law by President Bola Tinubu in June 2025, which makes possession of a Tax ID mandatory for certain services, including banking, insurance, stock market participation and government contracts.
Speaking on TVC News, Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, explained that the law requires “taxable persons” to provide a Tax ID for transactions but noted that exemptions may apply to those not earning taxable income.
Legal commentators argue that the JTB’s assurances conflict with the letter of the law. One analyst told Punch that “banks and other financial institutions will be under legal obligation to demand Tax IDs from customers once the Act takes effect,” warning that failure to comply could expose the institutions to sanctions.
If strictly enforced, the requirement could have far-reaching consequences for millions of Nigerians. Individuals without NIN-linked Tax IDs may face restrictions in opening new bank accounts, applying for loans, buying insurance policies, or conducting large-scale financial transactions.
Analysts further warn that unless the government issues a clear policy direction or amends the NTAA, citizens may encounter confusion, disruptions in access to essential financial services, and a rush for last-minute registrations that could overwhelm tax and banking systems.
For now, the law remains in force while the JTB maintains that no Nigerian will be denied access to their bank accounts come January 2026.
