Financial institutions warn of possible account restrictions from January 2026 as Nigeria prepares to implement its new tax administration laws.
Nigeria’s major commercial banks have begun urging customers to link their bank accounts to either their National Identification Numbers (NINs) or Tax Identification Numbers (Tax IDs) before the new tax administration laws take effect on January 1, 2026.
The move follows the enactment of the Nigerian Tax Administration Act (NTAA) 2025, which requires all bank accounts in the country to be tied to a unique tax identification number. The measure is part of a broader government reform aimed at improving transparency, curbing tax evasion, and ensuring a more efficient revenue system.
In notices sent to customers this week, several banks—including Fidelity Bank and Ecobank—warned that accounts not updated with valid identification details may face transaction restrictions once the law is enforced.
Fidelity Bank, in a statement on Wednesday, said the directive aligns with Section 4 of the NTAA, which mandates that all accounts be linked to a Tax ID or NIN by the start of 2026. “Accounts without Tax ID or National Identity Number may be restricted from transacting as from January 1, 2026,” the bank said. It advised customers to update their records promptly through the bank’s online and mobile platforms.
Read Also: Nigeria’s Largest Top Banks Pay ₦552bn Levy To AMCON In 2025
Ecobank issued a similar reminder, urging customers to complete their updates by November 13, 2025. “You can easily link your NIN and update your account details through the Ecobank Customer Information Portal,” the notice read, detailing steps for online verification and submission. The bank also encouraged customers to contact their relationship managers or visit branches for assistance.
The push from banks comes after the federal government gazetted four major tax reform laws in September 2025—the Nigeria Tax Act (NTA), the Nigerian Tax Administration Act (NTAA), the Nigeria Revenue Service (Establishment) Act (NRSEA), and the Joint Revenue Board (Establishment) Act (JRBEA). Together, these laws mark a significant overhaul of Nigeria’s tax framework, focusing on harmonized taxpayer identification, digital record-keeping, and improved compliance monitoring.
Authorities have clarified that individuals without taxable income will not be required to obtain a Tax ID, as their NIN will suffice. However, businesses, self-employed individuals, and those earning income are expected to comply fully.
As the January 2026 deadline approaches, financial experts warn that delays in updating account information could disrupt access to banking services, including deposits, withdrawals, and digital transactions.