ABUJA — The Joint Tax Board (JTB) has moved to calm public anxiety over new tax reforms, declaring that Nigerians without a Tax Identification Number (Tax ID) will not be denied access to their bank accounts or financial services from January 1, 2026.
The clarification followed widespread reports that the recently signed Tax Administration Act makes a Tax ID mandatory for operating bank accounts and engaging in insurance, stock, or allied financial transactions once the law takes effect in 2026.
In a statement issued yesterday in Abuja, JTB’s Head of Corporate Communications, Akpe Adoh, reassured Nigerians that financial activities will not be disrupted.
“The attention of the Joint Tax Board (JTB) has been drawn to recent reports 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,” the statement read.
The JTB said ongoing tax reforms under President Bola Tinubu are aimed at simplifying compliance, eliminating multiple taxation, and easing the burden on vulnerable individuals and small businesses, while ensuring fairness.
As part of these reforms, the JTB — working with the Federal Inland Revenue Service (FIRS) and state tax authorities — is developing a harmonised National Tax Identification system. This will automatically generate Tax IDs for Nigerians using their National Identification Number (NIN) and for businesses using their Corporate Affairs Commission registration number (RC).
“This initiative will make it easier for Nigerians to comply with tax requirements without any disruption to their banking and/or financial activities,” JTB explained, urging the public to remain calm and dismiss contrary claims.
The board further emphasized: “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 assurance, however, appears to be at odds with Section 8 (2) of the Tax Administration Act, which explicitly states that Tax ID will be mandatory for financial transactions once the law comes into force.
This comes amid mounting debate over some provisions of the new tax laws, including the controversial 5 percent Petroleum Products Tax, which attracted public backlash last week before the Minister of Finance, Wale Edun, clarified that government had no immediate plan to implement it.
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