CBN digitises fiscal data collection across 36 states, 774 LGAs

…targets quarterly reporting to improve economic policy decisions

The Central Bank of Nigeria (CBN) is introducing a digital platform to collect fiscal information from the 36 states, the Federal Capital Territory (FCT), and 774 local government areas (LGAs), improving the quality and speed of economic data used in policy decisions.

The initiative is expected to replace the large manual system for gathering fiscal statistics with a digital process that will make it easier for governments to submit accurate information on their revenues, expenditure and borrowing activities.

The CBN said the new system would also support a shift from the existing twice-yearly reporting arrangement to quarterly submission of fiscal data by state and local governments.

A statement from the CBN on Tuesday in Abuja said the Director, Statistics Department of the CBN, Dr Usman Moses Okpanachi, made this disclosure at a Sub-national Fiscal Statistics Stakeholders’ Engagement held recently in Abeokuta, Ogun State.

He said the digitalisation programme was designed to strengthen the flow of economic information from government Ministries, Departments and Agencies (MDAs), as well as local government councils, to policymakers.

According to him, reliable and timely fiscal statistics are necessary for effective economic management because they enable governments and policymakers to understand how much revenue is being generated, how public funds are being spent and the extent of their financing requirements.

Okpanachi said the information would also help the authorities assess the effects of government financial activities on the wider economy, particularly demand for goods and services, money supply, borrowing conditions and inflation.

He explained that the existing manual system for collecting sub-national fiscal information had become increasingly difficult to manage because of delays, logistical challenges, data validation and processing problems.

The Director said these challenges had become more pressing as the CBN strengthened its approach to monetary policy, which increasingly depends on reliable economic information to guide decisions.

He noted that the apex bank was moving towards a more explicit inflation-targeting framework, making timely and accurate economic statistics particularly important in assessing price movements and determining appropriate monetary policy responses.

Okpanachi said the new digital platform would make reporting more efficient by providing a standard format for entering information, improving verification of submitted figures, and making it easier to identify and correct errors.

It would also allow CBN to monitor submissions more effectively and maintain records of corrections to information supplied by state and local governments.

He said the improvements would support more regular reporting and reduce the difficulties associated with the present system.

However, he cautioned that introducing technology alone would not guarantee accurate fiscal information, stressing that government institutions must maintain proper financial records and regularly reconcile their accounts.

According to him, technology should support, rather than replace, sound record-keeping and professional judgement.

He urged state and local government authorities to ensure that their fiscal information was submitted promptly, properly checked and reconciled before transmission to CBN.

The CBN Director also called on governments to appoint designated officers responsible for coordinating the exercise and ensuring the reporting process continued even when personnel changed.

Okpanachi said the success of the programme would be determined by improvements in the completeness and consistency of returns, faster submission of information, and better verification of reported figures.

He assured participating governments that CBN would continue to provide the necessary technical and operational assistance through its branches across the country and the Statistics Department.

The nationwide stakeholder engagement, which began on October 26, 2026, is expected to cover all states by December 4, while the FCT is scheduled to participate on December 9 and 10.

As of November 6, 16 states and their local governments had been covered, with CBN reporting strong participation by government officials.

Attendance reached 100 per cent in almost all states visited, reflecting the support received from participating governments.

The practical training sessions are designed to familiarise state and local government fiscal officers with the digital questionnaire, the requirements for checking and validating information, and the procedures for submitting returns and correcting errors.

After the training, participating officers are expected to share what they learned with other relevant personnel in their institutions and begin submitting fiscal information through the new platform.

The CBN Statistics Department will then compile the findings and implementation outcomes from the nationwide exercise into a national report.

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