FG Clarifies Policy On Tin Presentation By Banks Customers

The presidency has said that the demand of tax identification number from every bank customers will not fully take off in January 2020.

According to one of the provisions of the financial act passed by the national assembly, every bank customer must submit a tax identification number to retain his or her bank accounts.

Finance minister, Zainab Ahmed says the implementation of the policy will be gradual.

Ahmed made the clarification in Abuja while briefing the stakeholders on the breakdown of the 2020 budget, just signed into law by President Muhammadu Buhari.

The minister explains that the implementation will take off after wide consultations with various stakeholders, including banks.

On the 2020 budget, Ahmed says its implementation will begin as from January 1, 2020 to actualize the January-December budget cycle.

She says that fund will no longer be released from the capital votes of the outgoing 2019 budget.

The fund remaining in the capital vote is n1.2 trillion, after the release of n1.29 trillion from the n2.14 trillion capital vote

 

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