Nigerians in Diaspora are not Exempted From No Tax ID, No Bank Account From 2026 – Bashorun Omofojoye
By Abisola Ariwodola,
On the controversial No Tax ID, No Bank Account From 2026, which stated that Nigerians will no longer be able to operate bank accounts, run businesses or access financial services without a Taxpayer Identification Number (Tax ID or TIN), a financial expert on Tax management Bashorun Wole Omofojoye has disclosed that the policy will not affect Nigerians living abroad negatively.
According to Wole Omofojoye, Managing Partner, SOW Professional, an Accounting and Tax Management Firm, he stated that the landmark reform contained in the newly signed Nigerian Tax Administration Act 2025, is to strengthen the existing law that every individual or corporate body must have Taxpayer Identification Number TIN.
Addressing the concerns of Diaspora members of OSCOTECH Alumni National body, Omofojoye stated that some banks, especially the ones with regular assessments by CBN are strict on the enforcement with corporate organizations, hence the new law with effects from 2026, now impose fines on organizations or individuals transacting without TIN.
He emphasised that Nigerians in Diaspora are exempted from tax income payment, but if they have account in Nigerian Banks, they must have Tax Identification Number TIN, and that they don’t have to come home to register for Tax ID, but if interested, they can register for valid TIN for individuals/Business name, online via the JTB portal, while corporate will need to be filed through FIRS office, as this will require creation of Taxpromax account for subsequent tax transactions of the organization.
Speaking further, he said the new Act on TIN does not categorically state how this will be done from 2026, however, it empowers NRS to release modalities for the administration of such, while he interpreted that the law currently and as revised in line with PITA only impose tax on income.
He explained to the OSCOTECH Diaspora members that, the fact that, you do not live in Nigeria automatically exempts you from paying personal income tax in Nigeria (Residency Rule).
While affirming that practically, the money sent to Nigeria is not taxable, even, if flagged, there is confirmation that the same fund had suffered taxes before or evidence that, you do not live in Nigeria or have not stayed beyond 183 days within a year exist, he added that the residency rule also implies that, Non-residents are taxed only on income derived within Nigeria.
The Taxpayer Identification Number, TIN harmonization will also help to document appropriately, the value of the informal sector returns from respective countries, this data according to him, if adequately utilized, will show more directions for government concentration and necessary actions, – Bashorun Omofojoye stated.
He urged all who needs more clarification on the TIN and new act of the federal government to contact his firm www.sowprofessional.com to assist in sorting out this and other tax related matters, either individual or corporate organisation.