JRB has also provided essential clarifications regarding the use of Tax Identification Numbers (Tax IDs) for financial activities in Nigeria.

As we approach the new year, the JRB’s statement:

No Account Restrictions or Deductions

• Transactions will continue as normal: The JRB has explicitly stated that there will be no restrictions placed on bank accounts or financial transactions effective January 1, 2026, due to a lack of Tax IDs.
• Zero Tax-ID based charges: The public is assured that no unauthorized deductions will be made from any bank account simply because a customer does or does not have a Tax ID.

Automatic Issuance Process

The Board is simplifying how citizens and businesses receive their identification to ensure a “seamless retrieval” process:

• For Individuals: Tax ID will be automatically issued to every taxable person using their National Identification Number (NIN).
• For Businesses: Tax ID will be automatically generated using the CAC registration number.

How to Generate Tax ID via JTB ahead of 2026

A Call for Calm

The JRB emphasizes that there is no cause for panic. These measures are designed to modernize the tax system without disrupting the daily financial lives of Nigerians or the operations of businesses.

The statement, signed by the Corporate Communications Department, reinforces the board’s commitment to its core values: Harmonize. Optimize. Trust.

To facilitate growth, expansion, wealth creation, and job opportunities, the LSETF Loan Programme offers a competitive interest rate of 9% per annum.

The initiative, which is focused on supporting local entrepreneurship and economic development, targets business owners who are registered residents of Lagos State.

Established under the Lagos State Employment Trust Fund Law of 2016, the LSETF provides financial assistance to Lagos State residents, thereby addressing unemployment challenges and promoting job and wealth creation within the region.

Initially capitalized with N25 billion over four years by the Lagos State Government, the Fund seeks additional funding from various sources, including donor partners, development agencies, corporate organizations, and individuals, to further bolster its impact on the local economy.

The LSETF Loan Programme comprises various loan categories designed to meet the diverse needs of entrepreneurs across different sectors and stages of business development:

1. TACT Loan: For residents and businesses operating within the Lagos East Senatorial District, including Epe, Ibeju-Lekki, Ikorodu, Kosofe, and Somolu, the TACT Loan offers an exceptional opportunity to access funding at an incredibly low-interest rate of 6% per annum. The loan categories range from nano loans to small and medium enterprise loans, providing financial support ranging from N10,000 to N1,000,000.

2. LSETF Micro Enterprise Loan: With loan amounts ranging from N50,000 to N500,000 per person, this category is available to all business owners operating and residing in Lagos State. The loan tenure spans 12 months, and applicants are required to contribute equity equivalent to 5% of the loan size.

3. LSETF Micro Enterprise Startup Loan: Aimed at empowering micro-enterprise startups in Lagos State, this loan category offers amounts ranging from N50,000 to N250,000 per person. Similar to the Micro Enterprise Loan, the tenure is 12 months, with an equity contribution of 5% of the loan size.

4. LSETF Small and Medium Size Enterprise Loan: Geared towards small and medium-sized business owners operating and residing in Lagos State, this loan category offers funding ranging from N500,000 to N5,000,000 per business. With a loan tenure of 24 to 36 months, applicants are required to contribute equity equivalent to 5% of the loan size.

How to Apply to LSETF Loan programme

The application process for the LSETF Loan Programme is designed to be straightforward and accessible to all eligible entrepreneurs.

Applicants are required to provide essential documentation, including but not limited to LASRRA ID, Tax ID (LIRS), valid government-issued identity card, Bank Verification Number (BVN), and relevant business documents.

The program encourages businesses to have been operational for at least one year, ensuring a commitment to sustainability and growth.