By Olatunbosun Obafemi
The Federal Inland Revenue Service (FIRS) has moved to dispel widespread misconceptions surrounding the use of Tax Identification Numbers (TINs) in banking and financial transactions. Contrary to public belief, Nigerians do not need to apply separately for a TIN before they can open or operate bank accounts.
The agency explained that under the new National Taxpayer Directory, introduced by the Nigeria Tax Administration Act 2025, individuals’ TINs are automatically linked to their National Identification Numbers (NINs). For corporate entities, the numbers are tied to their Corporate Affairs Commission (CAC) registration details or other recognised registries.
Speaking in an official explainer published over the weekend, Arabinrin Aderonke-Atoyebi, Technical Assistant on Broadcast Media to the Executive Chairman of FIRS, said the innovation was designed to integrate seamlessly with national identity systems. She emphasised that the process removes the need for citizens to manually apply for or present a TIN during routine financial dealings.
“When an individual provides their NIN during account opening or Know-Your-Customer (KYC) verification, the system cross-checks the database. The TIN is then automatically retrieved and attached to that person’s record,” she said.
For businesses, Atoyebi explained, the process works in the same way, with the TIN automatically tied to CAC-issued RC numbers, as well as registries for partnerships, cooperatives and professional associations.
According to FIRS, the new framework not only simplifies access to banking but also promotes regulatory transparency, reduces fraud, and supports Nigeria’s inclusion in global financial systems.
The agency insisted that assumptions suggesting Nigerians cannot operate bank accounts without a tax ID are inaccurate. “In practice, a Nigerian walking into a bank with their NIN is already tax-compliant,” Atoyebi stressed, describing the reform as a gateway to financial inclusion and digital economic growth.
