Tag: NIN

  • FIRS moves to make NIN and CAC numbers the backbone of Nigeria’s tax IDs

    FIRS moves to make NIN and CAC numbers the backbone of Nigeria’s tax IDs

    Photo Credit: The Nation
    2025-12-24 06:12:00

    Reporting by The Nation indicates the Federal Inland Revenue Service (FIRS) is pushing a unified identity approach for taxation—where individuals’ NIN and companies’ CAC registration numbers function as the primary tax identifiers.

    The change is positioned as a cleanup of Nigeria’s fragmented tax identity ecosystem—multiple identifiers, inconsistent databases, and loopholes that make compliance tracking and enforcement harder.

    By linking tax identity to the national identity system and corporate registry, authorities say they can reduce duplication, improve taxpayer coverage, and make it harder to “disappear” across systems.

    For individuals and businesses, the biggest shift is conceptual: you’re expected to treat your NIN/CAC number as your tax identity anchor, with tax records mapped to that single ID across agencies.

    The Guardian quoted FIRS: “For individuals, your NIN automatically serves as your Tax ID… You do not need a physical card,” and Channels TV echoed the same clarification: “You do not need a physical card; the Tax ID is a unique number linked directly to your identity.”

    Echotitbits take: This can either tighten compliance or widen mistrust, depending on how transparently it’s implemented. Watch for data-protection safeguards, dispute-resolution for wrong linkages, and whether state tax authorities harmonise—or keep parallel systems that recreate confusion.

    Source: The Nation — December 23, 2025 (https://thenationonlineng.net/nin-becomes-automatic-tax-id/)
    The Nation 2025-12-23

  • NDIC and NIBSS Team Up to Speed Up Depositor Payments After Bank Failures

    NDIC and NIBSS Team Up to Speed Up Depositor Payments After Bank Failures

    2025-12-18 00:00:00

    Punch reports that the Nigeria Deposit Insurance Corporation (NDIC) and the Nigeria Inter-Bank Settlement System (NIBSS) have entered a partnership aimed at improving how depositors of failed banks are identified and paid.

    The report says the collaboration targets faster verification and cleaner payment processes, reducing delays that often frustrate depositors after bank liquidations.

    Officials are positioning the move as part of wider financial-system stability efforts, especially as digital identity and payment rails deepen across Nigeria.

    The Guardian reported that the NDIC–NIBSS collaboration is designed to make liquidation payouts more efficient and transparent. (Guardian Nigeria)

    NAN also reported the partnership and said it would strengthen processes for paying insured depositors of failed institutions. (NAN)

    Analysis/Echotitbits take: Faster payouts improve trust in the banking system and reduce panic during stress events. Watch whether NDIC publishes clearer payout timelines, integrates BVN/NIN-linked verification more deeply, and expands outreach so rural depositors can access claims easily.

    Source: Punch — December 18, 2025 (https://punchng.com/ndic-nibss-to-strengthen-failed-banks-depositor-payouts/)

    Photo credit: Daily Post Nigeria