In a clarification reported by Leadership, Taiwo Oyedele said Tax Identification Numbers (TINs) are not required for strictly personal bank accounts, pushing back against misinformation circulating around the new tax regime.
The explanation is aimed at reducing panic and preventing unnecessary barriers to everyday banking, especially for low-income users and informal-sector participants.
Policy experts stress that the real issue is how rules are implemented across banks and agencies: unclear guidance can still lead to inconsistent enforcement and customer frustration.
Stakeholders are calling for a single, authoritative implementation circular—covering thresholds, exemptions and documentation—so banks can apply requirements consistently.
Echotitbits take: The reform conversation is being distorted by misinformation. Watch for official FAQs, bank circulars and enforcement guidance—those documents will determine lived reality.
Source: The Punch – https://punchng.com/oyedele-clarifies-tax-id-rules-for-bank-accounts/ 11 January 2026
The Punch 2026-01-11
Photo Credit: The Punch