FIRS Clarifies: No Need for Separate TIN to Operate Bank Accounts

The Federal Inland Revenue Service (FIRS) has dismissed speculation that Nigerians will be required to obtain a new or separate Tax Identification Number (TIN) before they can open or operate bank accounts. Speaking on behalf of the FIRS Executive Chairman, Zacch Adedeji, the Technical Assistant on Broadcast Media, Arabinrin Aderonke Atoyebi, said the widespread claims circulating in some quarters were “misconceptions” about the newly introduced tax framework. According to her, the reforms are not designed to impose additional burdens on citizens but to simplify tax administration by linking TINs to existing identification registries. Atoyebi explained that individuals will have their TIN automatically tied to their National Identification Number (NIN), while businesses will have their TIN linked to their Corporate Affairs Commission (CAC) Registration Number. She stressed that the banking system has been integrated to retrieve these tax identifiers in real time whenever customers provide their NIN or RC Number. “The public should note that they are not expected to obtain another TIN before they can operate their bank accounts,” she said. “By simply presenting their NIN or RC Number, the banks can access the customer’s TIN through the cross-check mechanism already in place.” The FIRS official also shed light on the structure of the TIN, describing it as a 13-digit unique identifier that captures key details such as the year of issuance, the source registry, the state of registration, and a security fragment to ensure authenticity. She added that the system is designed to cover not just individuals and corporate entities but also partnerships, cooperatives, and professional associations. Atoyebi highlighted several benefits of the integrated framework, including ease of banking, reduction of fraudulent practices, increased confidence in regulatory oversight, and broader financial inclusion. Her clarification comes amid growing concerns sparked by interpretations of Nigeria’s new tax laws, which take effect in 2026 and require taxpayers to present a valid TIN for certain financial transactions. While the laws aim to strengthen compliance and expand the tax net, fears had spread that ordinary Nigerians might be forced to undergo new and separate registration processes before accessing basic financial services. By reassuring the public, the FIRS has sought to allay fears that the policy would disrupt banking operations. Atoyebi reiterated that the reforms are meant to streamline processes, not complicate them. She urged Nigerians to ensure they have either a valid NIN or RC Number, as these remain the gateway to generating or verifying a TIN under the new system.