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Oyedele: Tax ID Numbers Not Required For Strictly Personal Bank Accounts

Published

4 months ago

December 1, 2025

Tax Identification Numbers (TINs) are not required for strictly personal bank accounts under Nigeria’s new tax reforms; they become mandatory only if the account is used for business transactions, the Presidential Committee on Fiscal Policy and Tax Reforms has clarified.....TAP TO CONTINUE READING

Chairman of the tax reforms committee, Taiwo Oyedele, who made this known, advised bank customers to conduct a self-assessment, noting that authorities will be able to detect such use via Bank Verification Number (BVN) patterns.

Speaking during a session with the management of LEADERSHIP Newspaper in Abuja at the weekend, Oyedele said that individuals using personal bank accounts for business transactions must now obtain a TIN, adding that tax authorities leveraging BVN data can detect evasion patterns such as multiple random inflows from customers and outflows to suppliers.

“You need a tax ID for your bank account if that bank account is used for business transactions. If you are not using your account for business, you don’t need to attach your tax ID. If you don’t get your tax ID, the authorities will know.”

According to him, this requirement is rooted in the 2020 Finance Act, effective from 13 January 2020, and gains teeth through new digital intelligence that allows authorities to identify business activity in unregistered personal accounts — including those of spouses or children used to hide income — ensuring compliant taxpayers are not disadvantaged.

Oyedele stressed self-compliance: “You need a tax ID for your bank account if that bank account is used for business… If you know that you are using it for business, get a tax ID. If you don’t get a tax ID, because we have your BVN, we can find out,” he warned, adding that flagged accounts trigger unfriendly tax enforcement.

“So, different random people will be paying into the account. You would also be paying different random people, maybe your suppliers. When the system detects that pattern, the authorities will know that this is a business account, and the tax man will come to you — and it will not be friendly at that point, because it means you yourself have not been honest.”

He noted that some banks already enforce this proactively.

The measure, he explained, will combat evasion where individuals funnel business revenue into personal accounts to dodge taxes, undermining progressivity that exempts low earners (up to N100,000 monthly from Pay As You Earn (PAYE) starting January 2026) while targeting higher incomes fairly.

“If we agree that poor people should not pay, let them not pay… Don’t allow rich people to hide, because the system will collapse,” he said.

Oyedele lamented the high level of misinformation surrounding the new tax regime, scheduled to take effect from 1 January 2026.

“If you go on the street now and ask any young person, they will tell you there’s a 30 per cent tax in the capital market, because that’s what they’ve been told,” he said.

He highlighted significant reforms targeting the capital market aimed at boosting participation and attracting investments. These reforms exempt portfolios and sales under N150 million — which covers about 99 per cent of investors — from capital gains tax, encouraging small and medium investors to stay engaged in the market without tax burdens.

He further explained that if an investor’s portfolio or share sales in a year do not exceed N150 million, they are exempt from capital gains tax, thus providing relief to the vast majority of retail investors.
Additionally, reinvestments made by foreign investors are also exempt, fostering a culture of long-term investment rather than short-term speculative trading.

Bonus shares received by shareholders no longer attract withholding tax, while stamp duties on share transfers have been removed, further reducing transaction costs and encouraging trading activity.

He said these investor-friendly reforms have yielded tangible results, with foreign portfolio inflows into the Nigerian capital market reaching N2.1 trillion as of October 2025.

Oyedele noted that foreign investors had previously exited the market around 2022 but have begun to return in significant numbers due to these positive changes, reflecting growing confidence.
Despite these gains, he observed that the average age of investors remains 45, implying that younger Nigerians — who are currently heavily invested in volatile cryptocurrencies and stablecoins totalling about $60 billion — are missing out.

Oyedele urged youths to shift from crypto to equities in the capital market, citing superior 50 per cent dollar returns and tax exemptions now available.

He called this capital market shift a crucial pathway for financial growth and wealth creation for younger Nigerians.

“Young people, leave crypto. This is where to make more money. It is tax-exempt and the returns are better. If you can even clean just $20 billion of that virtual currency into the capital market, it will change our story.”

Oyedele detailed how Nigeria inherited a dire economic situation in May 2023 upon President Bola Tinubu’s inauguration, teetering on collapse with foreign reserves below $4 billion, over $7 billion owed on FX forward contracts, international cards unable to process even $20 subscriptions, and airlines such as Emirates halting flights due to repatriation issues.

Oil theft , he stated, had decimated onshore and shallow-water production by 80 per cent, dropping output below 1 million barrels per day, while NNPC subsidies exhausted equity crude, royalties, petroleum profits, and future production as collateral, leaving just 00,000 barrels unencumbered and risking fuel shortages by late 2023.

He said government revenue was under 10 per cent of GDP, with 7 per cent consumed by debt servicing, forcing N22.7 trillion in money printing plus N7 trillion interest — totalling N30 trillion — which ignited the inflation crisis.

According to him, reforms including FX flotation, PMS subsidy removal, and tax overhauls reversed the trajectory, achieving over $7 billion trade surpluses, with the CBN becoming a net forex buyer for 10 months, restoring card limits up to $6,000, and oil production at 1.7 million barrels per day (including condensate) with theft reduced to 5 per cent.

He further stated that the new tax laws introduce progressivity, exempting earners up to N100,000 monthly from PAYE entirely, reducing it for the N100,000–N1.8 million brackets (covering 98 per cent of Nigerians), with marginal increases only for higher incomes — addressing the pre-reform skew where 96 per cent of personal income tax came from formal corporates.

Essentials such as food, health, education, transport and rent will become zero-rated, allowing full VAT refunds on production costs to combat cost-push inflation:

“From January, this bottle of water becomes zero-rated… any VAT that you have incurred yourself to produce the water will be refunded — 100 per cent refund.”

He said businesses will gain from a 25 per cent Company Income Tax (CIT) reduction, with input VAT credits now extended to services.

“As LEADERSHIP, you have vehicles… your camera… even when you buy airtime on your phone now, from January next year, you can claim it back, because you use your phone for your business.”

Oyedele advised: “From January, you need to keep a proper record, because nobody gives you VAT credit because you said, ‘give me ID’. You have to provide documentation… So your finance people should be very, very busy now.”

He listed additional relief to include cash-basis VAT/withholding tax remittance (bad debts exempt until paid), 30-day refunds after netting input against output (with 200 per cent penalties for false claims), no minimum tax unless profitable, and harmonised single-digit taxes and levies.

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Sanusi will lead Sallah Durbar in Kano – Gov’t

Published

4 days ago

March 18, 2026

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The Kano State Government has announced that the Emir of Kano, Muhammadu Sanusi II, will lead this year’s Eid-el-Fitr Durbar, even as it unveiled strict guidelines to prevent a breakdown of law and order during the celebrations.....TAP TO CONTINUE READING

The government said the decision, approved by Governor Abba Kabir Yusuf, followed credible intelligence reports indicating attempts by some individuals to create unrest during the Sallah period.

In a statement issued on Wednesday by the Commissioner for Information and Internal Affairs, Ibrahim Abdullahi Waiya, the government said it remained committed to preserving Kano’s cultural heritage but would prioritise peace and security.

According to the statement, Hawan Idi (Eid Durbar) will be conducted by Emir Sanusi from the Kofar Mata Eid Ground through designated routes to Gidan Shettima, terminating at Kofar Fatalwa of the emir’s palace.

It added that Hawan Nasarawa would be held in a modified form without horseback displays, while Hawan Daushe, Hawan Fanisau and Hawan Dorayi have been suspended for the time being in the interest of public safety.

The government said all security agencies had been directed to intensify surveillance and ensure strict compliance with the directives before, during and after the festive period.

It urged residents to remain calm, law-abiding and cooperative with security agencies, while cautioning against the spread of unverified information.

The government further assured the public of its commitment to a peaceful and hitch-free Sallah celebration, wishing Muslims in the state a joyous Eid-el-Fitr.

The Durbar, a centuries-old cultural procession, has been thrown into uncertainty following conflicting statements from government officials on whether it will hold this year, given the unresolved legal battle between Sanusi II and Aminu Ado Bayero.

While Governor Yusuf reinstated Sanusi II in 2024, Bayero continues to contest his dethronement in court, leaving the emirship in dispute.

The government recently hinted that the stool controversy would soon be resolved.

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2027: Igboho dismisses Sowore’s comment on ‘transactional politics’

Published

4 days ago

March 18, 2026

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Yoruba nation agitator, Sunday Adeyemo, popularly known as Sunday Igboho, has dismissed comments by human rights activist and former presidential candidate, Omoyele Sowore, over what he described as transactional politics and activism.....TAP TO CONTINUE READING

PUNCH Online reports that Sowore’s comment followed a viral video in which the activist criticised what he described as “transactional politics” among some regional agitators and influencers, accusing them of aligning with political actors for personal or material benefit.

In the video, Sowore appeared to reference Igboho, suggesting that his recent political positions, including support for President Bola Tinubu’s potential re-election bid, reflected what he termed “amala politics” — a colloquial expression often used to imply opportunistic or interest-driven engagement rather than principled activism.

Igboho, in a statement issued by his media aide, Olayomi Koiki, in Ibadan, the Oyo State capital, on Tuesday, criticised Sowore for allegedly describing his activism as “amala politics” in a recent viral video circulating on social media.

He described the comment as an inconsequential rant that should be ignored by the public.

Igboho argued that his agitation for improved security in the South-West and his support for the second-term bid of President Bola Tinubu in 2027 were constitutional rights aimed at promoting the collective interests of the Yoruba people and the development of Nigeria.

He said, “We strongly reject the characterisation of Igboho’s activism as transactional. Such a myopic position misrepresents the intent and focus of our agitation on effective grassroots security in the South-West and Nigeria as a whole.

“How many protests did Sowore organise to push for my freedom? Sowore’s claim of fighting for the masses contradicts his alleged daily lodging expenses of N450,000 at a popular Lagos hotel.

“I cannot be compelled to endorse political figures such as Peter Obi or Atiku Abubakar, or even align with Sowore’s political platform. I have the right to make independent political decisions based on the security and collective interests of the Yoruba people.”

He added that Igboho’s advocacy prioritises addressing insecurity across Yorubaland, including killings of farmers, kidnappings along highways and attacks on traditional rulers and royal institutions.

Koiki, however, clarified that these concerns form the basis of Igboho’s movement rather than any ambition for political office or revolutionary leadership.

The statement added, “While Sowore has consistently promoted nationwide revolution as a pathway to leadership, Igboho’s approach is rooted in protecting lives, land and property within Yoruba territory. This agitation is a response to real and ongoing threats faced by communities in the region.

“Latest security incidents in northern Nigeria, including reported explosions in Maiduguri on March 16, 2026, also raise questions about the broader effectiveness of long-term revolutionary advocacy.

“We challenge Sowore to assess the situation in his home state of Ondo State, considering the growing cases of banditry, kidnapping and attacks on rural communities.”

The statement added that the impact of insecurity on vulnerable groups, including farmers, traditional rulers, women and children, had been severe, with several communities reportedly affected.

“These realities reinforce Igboho’s long-standing call since 2020 for localised security measures and stronger regional protection strategies.

“Labelling our agitation and efforts as ‘amala politics’ undermines the urgency of the security crisis and the legitimacy of grassroots agitation,” the statement concluded

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Aisha, Deji, Atiku’s aide, Ibe fume over continuous detention of El-Rufai

Published

4 days ago

March 18, 2026

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The continuous detention of the former governor of Kaduna State, Mallam Nasir El-Rufai, has sparked reactions from politicians and socio-political activists.....TAP TO CONTINUE READING

DAILY POST reports that the former governor has been in the custody of the Independent Corrupt Practices and Other Related Offences Commission, ICPC, over an ongoing investigation into alleged financial impropriety when he was governor.

El-Rufai had earlier spent two nights in the custody of the Economic and Financial Crimes Commission, EFCC, before he was picked up by the Department of State Services and then later handed over to the ICPC.

His continuous detention has sparked outrage among citizens who are calling on the commission to immediately charge the former governor to court.

Popular socio-political activist, Aisha Yesufu, said in a post on X that “holding a citizen indefinitely without trial” is impossible.

According to her, “that is not justice. That is not accountability. That begins to look like persecution.

“Every Nigerian, no matter how powerful or unpopular, has the right to a fair hearing. That right is not a favour from the government. It is a constitutional guarantee. If El-Rufai committed crimes, then prosecute him. Nigerians will support that. But what we must never
Support is a system where the government can detain anyone endlessly, simply because it can.

“Today, it may be El-Rufai. Tomorrow, it could be anyone else who speaks or acts in a way that those in power do not like. A democracy must be better than that.

“So the message is simple: charge him in court or release him. Let justice be done openly, lawfully, and transparently. That is the only way a nation that claims to respect the rule of law should act”.

Similarly, an activist lawyer, Deji Adeyanju, in an interview he posted on X on Wednesday, demanded that the former governor be charged to court immediately, condemning El-Rufai’s incarceration.

“No matter the allegations, I think he should be charged in a court of competent jurisdiction so that he can face the music.

“All these things currently going on don’t look tidy to me”, he said.

On his part, Paul Ibe, a media aide to the former vice president, Atiku Abubakar, lambasted ICPC for not charging the former governor to court.

In a statement on his X handle, Ibe accused the Commission of taking sides with the President Bola Tinubu-led administration.

He wrote, “The matter of the former Governor of Kaduna State, Mallam Nasir el-Rufai @elrufai has proven beyond measure that the ‘I’ in ICPC (Independent Corrupt Practices and Other Related Offences Commission) @icpcnigeria represents Illegal or Irresponsible.

“There’s nothing Independent about the Commission. They’re no different from all the other institutions of state that are standing on Tinubu’s mandate. The ICPC is nauseatingly pliable and has disgracefully made itself available in coercing members of the opposition into the ruling party”!

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