Nigerians to lose access to their bank accounts in 2020 Says Finance Minister, Zainab Ahmed.The Taxpayer Identification Number (TIN) is a unique number that identifies a specific individual (or company) for the purposes of paying taxes. As tax payment is mandatory for all individuals and companies, everyone needs to have a unique TIN.
The 9th assembly amended sections 33, 49 & 58 of the Personal Income Tax Act (PITA), making it mandatory for individuals to produce their Tax Identification Numbers (TIN) before they can operate existing or new bank accounts in Nigeria.
What this means is that from January 2, 2020 when the implementation of the policy will begin according to the Finance Minister, Zainab Ahmed, those without it may not be able to use their bank accounts until they can present it.Many Nigerians without the Tax Identification Number (TIN) may become unable to access their bank accounts from January 2, 2020 following the passage of the Finance Bill, as amended, by the National Assembly.Everyone who has a BVN OR NIN is supposed to be automatically assigned a TIN. However to confirm this, members of the public can check the site of the Joint Tax Board or the Federal Inland Revenue Service or read on TIN.