The Federal Inland Revenue Service (FIRS) has refuted widespread beliefs that Nigerians without a Tax Identification Number (TIN) are barred from opening or operating bank accounts, calling it a common misunderstanding.
Arabinrin Aderonke Atoyebi, technical assistant on broadcast media to FIRS Executive Chairman Zacch Adedeji, clarified that Nigeria’s tax system has been restructured to align smoothly with existing national databases.
She noted that this integration allows individuals and businesses to be automatically identified for tax purposes, without creating additional barriers.
Atoyebi explained: “The Tax Identification Number is a 13-digit unique code assigned to all taxable persons and entities in Nigeria. It encodes information such as issuance year, registry source (NIN for individuals, RC Number for corporates), state of registration, and a security fragment.
“Far from being a separate requirement, the TIN functions as a statutory tool that enables the FIRS to uniquely verify taxpayers across the country.”
She added that for individuals, the TIN is automatically linked to the National Identification Number (NIN) issued by the National Identity Management Commission (NIMC).
Atoyebi noted that when a customer provides a NIN to open a bank account or for Know Your Customer (KYC) checks, the system cross-checks the database and retrieves the TIN in real time.
She further stressed, “Similarly, for businesses, the TIN is tied to the RC Number issued by the Corporate Affairs Commission (CAC). Partnerships, cooperatives, and professional associations also have their TINs linked to their respective recognised registries.
“This design means that neither individuals nor businesses need to present or apply separately for a tax ID before accessing financial services.”
She highlighted that the benefits of the new framework included, “Seamless Banking: Citizens can open accounts with their NIN or RC Number, while the TIN is integrated automatically.
“Fraud Prevention: Duplicate and false identities are reduced since each taxpayer is linked to a verified registry.
“Regulatory Confidence: Banks and regulators can rely on a single verified source for KYC and reporting.
“Inclusivity: Coverage extends beyond individuals and companies to associations and trustees.
“Global linkages: The system is designed to interact with international financial and compliance platforms.”
While clearing the misconception about the new framework, she said the notion that Nigerians cannot operate bank accounts without presenting a tax ID is unfounded.
She added, “By embedding TINs into existing national databases, the system guarantees automatic compliance.
“In practice, anyone presenting their NIN at a bank is already tax-compliant—the bank retrieves the TIN during onboarding. Rather than a barrier, the TIN framework is positioned as a gateway to financial inclusion, transparency, and global compatibility in Nigeria’s growing digital economy.”
