Starting January 1, 2026, Nigerians and non-residents will not be able to open or run bank accounts without a valid Tax Identification Number (Tax ID).
The policy comes under the Nigeria Tax Administration Act, 2025, which was recently assented to by President Bola Tinubu.
The new law also extends the requirement to a wide range of financial and business dealings, including insurance, stock exchange operations, and contracts with both federal and state governments.
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By the provisions of the Act, every taxable person must register with the appropriate authority to obtain a Tax ID card. All ministries, departments, and government agencies are also mandated to secure Tax IDs.
Foreign individuals and companies offering taxable goods and services in Nigeria are equally expected to register and remit taxes locally. The law empowers tax authorities to issue a Tax ID to anyone who fails to apply or reject an application if critical information is missing, with a decision to be communicated within five working days.
Business operators who suspend or shut down permanently must inform the tax authority within 30 days, after which their Tax ID will either be made dormant or deregistered.
The Act further establishes the Nigeria Revenue Service, to be led by a Governing Board under an Executive Chairman with a renewable four-year mandate. The Service will be financed through a four percent deduction from all revenue collections, excluding petroleum royalties.
Catholic Teen Carlo Acutis Becomes First Millennial Saint
Tens of thousands of pilgrims are expected to gather at the Vatican on Sunday as Italian teenager Carlo Acutis, often called “God’s Influencer” for his online efforts to share the Catholic faith, will be declared a saint.
Acutis, who died of leukaemia in 2006 at the age of 15, will officially become the first millennial saint in a canonisation ceremony led by Pope Leo XIV in St. Peter’s Square. The event marks the new pontiff’s first canonisation, following the death of Pope Francis which delayed the ceremony initially scheduled for April.
