The Nigerian government insists the TIN requirement for bank accounts is not new but part of existing tax law.
The Nigerian government has clarified that the requirement for citizens and business owners to present a Tax Identification Number (TIN) for operating bank accounts is not a new policy but an enforcement of existing tax laws.
In a statement on Saturday, the Fiscal Reforms of Nigeria explained that the provision is rooted in the Nigeria Tax Administration Act (NTAA) and the Finance Act of 2019, which amended section 49 of the Personal Income Tax Act. The post, titled “The New Tax Acts and Tax ID – What You Need to Know”, sought to ease public concerns over financial exclusion.
“Section 4 of the NTAA requires all taxable persons to register with the tax authority and obtain a Tax ID,” it said, noting that only individuals earning income are affected. “No. This is not a new policy. It has been in place since the Finance Act, 2019.”
Civil society groups, however, warn the policy could marginalize low-income earners and petty traders.