Raphael Kanu
The Federal Inland Revenue Service (FIRS) has dismissed claims that Nigerians must obtain a separate Tax Identification Number (TIN) before they can open or operate a bank account, clarifying that the new framework is fully integrated with existing national registries such as the National Identification Number (NIN) and Corporate Affairs Commission (CAC) records.
The clarification followed widespread debate sparked by media reports suggesting that from January 2026, all citizens would be required to present a TIN to maintain bank accounts, raising concerns about additional bureaucratic hurdles.
Reacting to the controversy, Arabinrin Aderonke Atoyebi, Technical Assistant on Broadcast Media to the FIRS Executive Chairman, Zacch Adedeji, said in a post on X that such reports were misleading. She explained that Nigeria’s tax system had evolved to integrate seamlessly with existing identity databases, ensuring that every eligible person or entity is automatically captured for tax purposes.
According to her, the TIN is a 13-digit identifier designed to uniquely capture the details of taxable individuals and entities across the country. For individuals, it is automatically linked to their NIN, while for businesses it is tied directly to their CAC registration number. She stressed that this means citizens do not need to manually apply for or present a tax ID before operating a bank account, as the system retrieves the TIN during routine verification processes such as Know Your Customer (KYC) checks.
Atoyebi explained that beyond companies, the framework also covers cooperatives, partnerships, professional bodies, and associations, all of which are connected to their respective recognised registries. This, she said, ensures transparent identification of corporate and legal entities for tax and compliance purposes without demanding extra paperwork from citizens.
Highlighting the benefits of the reform, she noted that the system promotes financial inclusion, seamless banking access, fraud reduction, and stronger regulatory compliance. It also enhances Nigeria’s ability to interact securely with international financial and tax systems.
“The misconception that Nigerians cannot own or operate a bank account without a separate tax ID overlooks the integrated design of the new TIN system. By linking TINs to existing foundational identifiers such as the NIN and RC number, the system ensures automatic compliance without creating unnecessary barriers,” she explained.
“In practice, this means a Nigerian walking into a bank with their NIN is already tax-compliant. The bank simply retrieves their TIN as part of its onboarding process. Far from being a hurdle, the TIN framework is a gateway to financial inclusion, regulatory transparency, and global interoperability in Nigeria’s evolving digital economy.”
Her clarification has helped to douse public anxiety over fears of fresh restrictions on banking services, with FIRS assuring that the new framework is intended to simplify, not complicate, citizens’ access to financial services.