BREAKING: FG Orders Nigerians to Get Tax ID for All Financial Deals from 2026
The Federal Government has rolled out a major policy shift that will change the way Nigerians handle money. Beginning January 1, 2026, no individual or business will be able to carry out financial transactions without a valid Taxpayer Identification Number (Tax ID).
What This Means for You
The new requirement is part of the Nigeria Tax Administration Act, 2025, which was recently signed into law. The Act makes it compulsory for both individuals and organizations whether private companies, public offices, or even small traders to register with the appropriate tax authority and secure a Tax ID card.
Simply put, if you want to open a bank account, apply for insurance, trade stocks, or bid for a government contract you’ll need a Tax ID.
How It Will Be Enforced
Tax authorities will have the power to:
- Automatically assign Tax IDs to those who don’t apply voluntarily
- Deny or delay issuance but must give feedback within five working days
- Suspend or cancel Tax IDs for businesses that shut down, once notified within 30 days
Why the FG is Doing This
Government officials say the move will tighten revenue collection, reduce tax evasion, and block loopholes exploited by financial criminals. The policy is also expected to expand Nigeria’s tax net, bringing more citizens and businesses into formal compliance.
Rising Concerns
While some analysts welcome the initiative as a step toward accountability, others worry about the readiness of financial institutions and rural communities where awareness and access to tax offices are still limited. Experts also stress the need for massive sensitization before the 2026 rollout to prevent confusion and disruptions.
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