Nigerian Students to Begin Paying Taxes as FG Mandates Tax ID for Bank Accounts

The Federal Government has introduced a new bill requiring the use of a Tax Identification Number (TIN) for opening and operating bank accounts across Nigeria. This policy affects all citizens, including students, who will now be required to obtain a TIN before accessing banking services.

The mandate is part of the government's broader initiative to expand the country's tax base and ensure compliance with tax regulations. By making TINs compulsory for all account holders, the Federal Government aims to improve tax collection and bring more individuals into the formal tax system.

This development means that Nigerian students, many of whom are not currently part of the tax-paying population, will now need to register for a TIN and contribute to the tax system. The bill is expected to significantly impact students' financial activities as they adjust to the new requirements.