The Joint Tax Board (JTB) has dismissed claims suggesting that Nigerians without a Tax Identification Number (Tax ID) will lose access to their bank accounts or be unable to perform financial transactions from January 1, 2026.
In a statement, the JTB assured citizens that banking services and financial transactions will continue uninterrupted, even beyond the 2026 deadline.
Tax Reforms Under Tinubu Administration
The clarification comes amid ongoing tax reforms championed by President Bola Ahmed Tinubu, aimed at making tax compliance simpler, fairer, and more inclusive. Key highlights of the reforms include:
- Elimination of multiple taxation
- Tax exemptions for vulnerable individuals and small businesses
- Lower tax rates for most Nigerians under the new regime
Harmonised National Tax Identification System
To streamline compliance, the JTB, in collaboration with the Federal Inland Revenue Service (FIRS) and the 36 State Internal Revenue Services including the FCT-IRS, is developing a harmonised National Tax Identification system.
This system will:
- Use the National Identification Number (NIN) for individuals
- Use the Registration Number (RC) for businesses
- Enable automatic generation of Tax IDs, ensuring seamless compliance without disrupting financial activities
Public Advisory
The JTB urged Nigerians to ignore misinformation and remain calm, stressing that:
- No Nigerian will be denied access to bank accounts due to lack of Tax ID
- The new system is designed to ease tax compliance, not create hardship
- The reforms will strengthen Nigeria’s ease of doing business and ensure a tax-friendly environment
