The Nigerian Senate has passed a financial bill which states that Nigerians will start presenting evidence of tax payment in order to operate a bank account, starting from January 2020.
The Nations reports that the bill was submitted to lawmakers alongside the 2020 budget presented by President Muhammadu Buhari, and its aim is to enhance financial operations in Nigeria and checkmate issues related to tax.
According to the bill, banks will require Tax Identification Number (TIN) from anyone who intends to open accounts with them, while pre-existing customers will also have to provide the TIN before carrying out transactions.
The TIN, which is a unique identifier for an individual or a firm for tax payment, is prepared by the tax office and issued for proper identification and verification.
Application for the TIN is free and should not be more than 48 hours after a request is submitted.