FIRS Appeals to Nigerians to Use Single TIN for Bank Accounts

The Federal Inland Revenue Service (FIRS) has moved to dispel widespread public anxiety by clarifying that Nigerians will not need to acquire a separate Tax Identification Number (TIN) to operate a bank account. This comes amid a recent wave of misinformation suggesting a fresh hurdle for citizens under the new tax reforms.

The clarification was provided by Taiwo Oyedele, Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, who explained that the new Nigeria Tax Administration Act (NTAA) has harmonized multiple identification numbers into a single system. According to him, an individual’s National Identification Number (NIN) will now serve as their TIN, while a company’s Corporate Affairs Commission (CAC) registration number will serve as its own.

“The misconception that Nigerians cannot own or operate a bank account without a tax ID overlooks the integrated design of the new TIN system,” Oyedele stated. “By linking TINs to existing foundational identifiers such as the NIN and RC Number, the system ensures automatic compliance without creating unnecessary barriers for citizens.”

The FIRS also reiterated that the requirement to have a TIN is not new and applies only to taxable persons and businesses not to all citizens. The reform aims to simplify the tax system, reduce tax evasion, and ensure that those with taxable income contribute their fair share, while low-income citizens remain protected. The public is advised to rely on official government channels for information to avoid falling victim to misinformation or exploitation.