The Central Bank of Nigeria has introduced a digital fiscal reporting initiative covering the 36 states, the Federal Capital Territory and 774 local government areas to improve the collection, accuracy and timeliness of government financial data.
The initiative, implemented through the bank’s Statistics Department, is designed to replace the largely manual Sub-National Fiscal Survey process and support more frequent reporting of government revenue, expenditure and financing activities.
This was disclosed in a statement issued by the apex bank on Tuesday, following the Sub-National Fiscal Statistics Stakeholders’ Engagement held recently in Abeokuta, Ogun State.
The statement read, “The Central Bank of Nigeria, through its Statistics Department, has intensified efforts to strengthen the country’s economic data architecture by digitalising the Sub-National Fiscal Survey across the 36 States, the Federal Capital Territory and 774 Local Government Areas nationwide. The initiative aims to replace the largely manual reporting process and improve the timeliness, accuracy, consistency and precision of fiscal data for monetary, fiscal and broader economic policy decisions.”
Speaking at the engagement, the Director of the CBN’s Statistics Department, Dr Usman Okpanachi, explained that the digitalisation programme would strengthen fiscal data collection and improve the quality of information available for economic policymaking.
According to the statement, “The digitalisation initiative would address these constraints by standardising data entry, improving validation, simplifying submissions, enabling better monitoring and traceable corrections, and supporting the transition to more frequent and sustainable quarterly rendition of returns.”
Okpanachi noted that the existing survey, which relied largely on manual processes and was conducted twice yearly, faced challenges relating to timeliness, logistics, data validation and processing.
He said the new system would address these limitations while strengthening the information chain connecting fiscal transactions in ministries, departments and agencies and local governments to economic policy decisions.
The director explained that reliable fiscal statistics were essential for assessing government revenue performance, expenditure patterns, financing requirements and emerging fiscal pressures.
He added that such information would help policymakers understand the implications of public-sector activities for aggregate demand, liquidity, borrowing conditions and inflation.
The initiative comes as the CBN strengthens its forward-looking, data-dependent monetary policy framework and moves towards a more explicit inflation-targeting regime.
Okpanachi stressed that the effectiveness of the new reporting system would depend on the quality of information supplied by participating institutions.
He emphasised that technology would complement rather than replace proper record-keeping, reconciliation and professional judgement.
The director urged state and local governments to ensure timely submission of fiscal returns, proper validation of financial records and the appointment of designated officers to coordinate reporting activities.
He said implementation should be anchored on “timeliness, integrity and continuity,” noting that institutional commitment would be critical to sustaining the initiative.
Okpanachi further explained that the programme’s success would be measured by more complete and consistent fiscal returns, faster submissions, improved validation and better information for economic decision-making.
He assured stakeholders of the bank’s continued technical and operational support through its branches and the Statistics Department.
The CBN disclosed that the nationwide stakeholder engagement commenced on October 26, 2026, and was expected to cover the remaining states by December 4, while training sessions for the FCT were scheduled for December 9 and 10.
As of November 6, the exercise had covered 16 states and their local governments, with attendance reaching 100 per cent in almost all the states visited.
The practical sessions are designed to familiarise fiscal officers with the digital questionnaire, validation requirements, submission procedures and processes for correcting reported information.
Following the training, participating officers are expected to transfer the knowledge to colleagues within their institutions and begin submitting fiscal returns through the digital platform.
The Statistics Department will subsequently consolidate the implementation outcomes into a national report.
The CBN said the initiative formed part of its broader data transformation agenda and would strengthen fiscal information for state and local government planning, budgeting and policy evaluation, while supporting monetary, financial and fiscal policy decisions.
