The Joint Tax Board has clarified reports making rounds on social media stating that bank owners who don’t have a verified Tax Identification number will be denied access to their bank accounts or prevented from carrying out financial transactions from January 1, 2026.

This was disclosed in a statement signed by the agency’s Head of Corporate Communications, Akpe Adoh, made available to TVC on Monday.

According to the statement, JTB enjoined the public to disregard such reports, stressing that with or without a Tax ID, Nigerians will continue to have access to their bank account and also continue to carry out financial transactions beyond January 1, 2026.

The agency stated that the Tax ID system is designed to leverage the National Identification Number for individuals and the Registration Number for businesses as unique identifiers for tax purposes.

The statement reads, “Nigerians are hereby assured that they will continue to have access to their bank account and also continue to carry out financial transactions even beyond January 1, 2026.

“In line with the tax reforms championed by His Excellency, President Bola Ahmed Tinubu, the Government is working to make tax compliance simpler, fairer, and more inclusive for all Nigerians. These reforms include eliminating multiple taxation, granting tax exemptions to vulnerable individuals and small businesses, and ensuring that the majority of Nigerians will pay lower taxes under the new tax regime.

“To support this vision, the JTB (comprising the 36 States Internal Revenue Service, the FCT-IRS and the FIRS) and the FIRS are collaborating on a harmonised National Tax Identification system. This system will leverage the National Identification Number (NIN) for individuals and the Registration Number (RC) for businesses as unique identifiers for tax purposes.”

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The statement added that the initiative will enable a seamless and automatic generation of a Tax ID to help Nigerians meet tax requirements and compliance.

“This initiative will enable the seamless and automatic generation of Tax IDS for individuals with NIN and businesses with RC, thereby making it easier for Nigerians to comply with tax requirements without any disruption to their banking and/or financial activities.

“We therefore urge the public to remain calm and ignore any claims to the contrary,” It added.

“The JTB remains committed to implementing people-centred tax policies that promote economic growth, fairness, and ease of doing business while ensuring that Nigeria remains a tax-friendly environment,” the statement concluded.

TVC previously reported that another wave of misconception has swept through social media amid the announcement of the Tax Identity number requirement for bank transactions linked to Nigeria’s latest tax reforms, sparking widespread concerns questioning what it meant for citizens.

The Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, has shed light on the intricacies of the issue on his official X handle on Thursday, putting clarifications in place amid several speculative reviews flooding the media space following the recent passage of the Nigeria Tax Act, 2025, which streamlines and standardises previous tax laws.

https://www.tvcnews.tv/explainer-the-new-tax-acts-tax-id-expert-gives-insight