Nigeria’s New Tax Requirement: Implications For Citizens And Businesses

Nigeria’s Tax Administration Act now requires every taxable person to have a Tax Identification Number (TIN) to operate bank, insurance, pension, or investment accounts. A TIN is a unique number used to track tax payments and access key financial services. From January 1, 2026, this new tax policy will take effect, raising concerns about how it will impact individuals and businesses nationwide.

The requirement applies to individuals with business income, companies, and non-residents earning income in Nigeria, although people earning below ₦800,000 annually are exempt. The reforms also introduce new levies, including a 4% development levy on company profits, a 5% tax on fossil fuels, and a 15% minimum effective tax rate for large firms, while VAT stays at 7.5% but now covers more items. Nigerians can verify or register their TIN for free on the JTB portal using their BVN and date of birth or by visiting a FIRS office.