Nigerians don’t need TIN to operate bank account – Presidency makes clarification

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The Presidency has said that the Finance Bill 2022 does not mandate Nigerians to have a Tax Identification Number (TIN) before operating a bank account in the country.

Punch reported that a top source from the Presidency described the reports as inaccurate because the bill has no such provisions.

The source however highlighted the main changes proposed under the bill, which it said would be further defended this week at both the Senate and the House of Representatives.

The statement titled “No TIN requirement for Nigerians to operate bank accounts in Finance Bill 2022, says Presidency”, read; 

“Capital gains tax at the rate of 5% to be applicable on disposal of shares in a Nigerian company worth N500m or more in any 12 consecutive months except where the proceed is reinvested in the shares of any Nigerian company within the same year of assessment. Partial re-investment will attract tax proportionately. Transfer of shares under the regulated Security Lending Transaction is…



Source: Linda Ikeji

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