The Federal Inland Revenue Service (FIRS) has dispelled rumors that Nigerians must obtain a separate Tax Identification Number (TIN) to open or operate bank accounts. According to FIRS, the new tax framework integrates seamlessly with existing identity registries such as the National Identification Number (NIN) for individuals and Corporate Affairs Commission (CAC) registration for businesses.
Arabinrin Aderonke Atoyebi, Technical Assistant on Broadcast Media to the FIRS Executive Chairman, explained that when Nigerians provide their NIN during bank account opening or KYC processes, the TIN is automatically linked and retrieved in real time. This means citizens do not need to apply separately for a TIN just to operate a bank account.
The clarification aims to correct widespread misconceptions and reassure the public that the tax system promotes ease of financial inclusion without additional bureaucratic hurdles. Businesses and legal entities similarly have their TIN connected to their CAC numbers, ensuring smooth verification for tax compliance.
FIRS emphasized that this integrated system enhances regulatory compliance, fraud prevention, and inclusivity across the financial sector, making banking accessible with core national identification numbers alone.
