CBN Digitalises Fiscal Data Reporting Across 36 States, FCT, 774 LGAs

The Central Bank of Nigeria (CBN) has commenced the digitalisation of sub-national fiscal data reporting across the 36 states of the federation, the Federal Capital Territory (FCT) and 774 Local Government Areas (LGAs) to improve the accuracy, reliability and timeliness of economic data used for monetary and fiscal policy decisions.

The initiative is designed to replace the largely manual system of collecting and processing fiscal information with a digital platform that will standardise data submissions, strengthen validation procedures and facilitate more frequent reporting by state and local governments.

The apex bank also plans to transition the Sub-National Fiscal Survey from its existing twice-yearly reporting arrangement to a more sustainable quarterly data submission system, providing policymakers with more current information on government revenues, expenditures, financing requirements and fiscal pressures.

Speaking at a Sub-National Fiscal Statistics Stakeholders’ Engagement held recently in Abeokuta, Ogun State, the Director of the CBN’s Statistics Department, Dr Usman Moses Okpanachi, said the exercise was part of the bank’s broader efforts to strengthen Nigeria’s economic data architecture and improve evidence-based policymaking.

Okpanachi explained that reliable, timely fiscal statistics are essential for effective economic management because they enable governments and policymakers to assess public-sector financial activities and understand their implications for aggregate demand, liquidity, borrowing conditions, and inflation.

He noted that the quality of fiscal information available to policymakers was particularly important as the CBN strengthened its forward-looking, data-dependent monetary policy framework and moved towards a more explicit inflation-targeting regime.

According to him, the existing manual approach to the Sub-National Fiscal Survey had presented several operational challenges, including delays in data submission, logistical difficulties, validation constraints and lengthy processing periods.

He said the digital platform would address these shortcomings by providing a more structured reporting framework, simplifying data submissions, standardising entries and improving the monitoring of returns and traceability of corrections.

The initiative is also expected to strengthen the information chain between fiscal transactions undertaken by Ministries, Departments and Agencies (MDAs), state governments and local government authorities and the production of reliable economic statistics for national policy decisions.

Okpanachi stressed that the adoption of technology would not eliminate the need for proper financial record-keeping, reconciliation and professional judgement, urging state and local government authorities to ensure that the digitalisation process was supported by sound institutional practices.

He called on participating governments to prioritise timely submission, data integrity and continuity by ensuring that fiscal information was properly validated and reconciled before transmission.

The CBN director also urged states and local governments to appoint designated focal officers responsible for coordinating the reporting process and maintaining institutional continuity, particularly as trained personnel deploy the new system across their respective institutions.

He said the success of the initiative would be measured by improvements in the completeness and consistency of fiscal returns, faster submissions, stronger validation processes and the availability of more reliable information for economic decision-making.

The CBN, he added, would continue to provide technical and operational support through its branches nationwide and the Statistics Department to ensure effective implementation of the digital reporting framework.

The nationwide stakeholders’ engagement, which commenced on October 26, 2026, is expected to cover the remaining states by December 4, while the FCT is scheduled to participate in the exercise on December 9 and 10.

As of November 6, 2026, the CBN had conducted the exercise in 16 states and their respective local governments, with the bank reporting strong government support and attendance reaching 100 per cent in almost all the states visited.

The practical sessions are designed to equip fiscal officers with the necessary skills to operate the digital questionnaire, understand data validation requirements and carry out submission and correction procedures through the platform.

Following the training, participating officers are expected to transfer the knowledge acquired to other relevant personnel within their institutions and commence the submission of fiscal returns electronically.

The Statistics Department will subsequently consolidate the outcomes of the nationwide exercise into a national implementation report.

The digitalisation programme forms part of the CBN’s broader data architecture and institutional transformation agenda, with implications for fiscal planning, budgeting and policy evaluation at the state and local government levels.

Beyond improving the quality of sub-national fiscal statistics, the initiative is expected to provide the CBN and other relevant authorities with more timely information on government financial activities, strengthening the statistical foundation for monetary policy formulation, financial stability assessment and broader fiscal and economic management.

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