CBN moves to digitise fiscal data collection across 36 States, 774 LGAs

….as new platform targets faster reporting, improved transparency and stronger economic policy decisions

By Onu Okorie

Central Bank of Nigeria (CBN) has begun a nationwide digital transformation of fiscal data collection across the 36 states of the federation, the Federal Capital Territory (FCT) and 774 Local Government Areas (LGAs), in a move aimed at strengthening economic planning, improving public-sector accountability and supporting evidence-based policy decisions.
The initiative will replace the largely manual system of collecting sub-national fiscal statistics with a digital platform designed to improve the accuracy, consistency, timeliness and reliability of financial information generated by state and local governments.
The reform is expected to give policymakers better access to information on government revenue, expenditure, borrowing requirements and fiscal pressures, while strengthening the quality of data available for monetary and fiscal policy formulation.
Speaking at a Sub-National Fiscal Statistics Stakeholders’ Engagement in Abeokuta, Ogun State, the Director of the CBN Statistics Department, Dr Usman Moses Okpanachi, said the digitalisation programme was designed to strengthen the information chain between fiscal transactions at Ministries, Departments and Agencies (MDAs), local governments and national economic policymaking institutions.
He explained that reliable fiscal statistics were essential for effective economic management because they enabled governments to monitor revenue performance, expenditure patterns, financing requirements and the broader implications of public-sector activities.
According to him, accurate information on government finances provides policymakers with a clearer understanding of aggregate demand, liquidity conditions, borrowing pressures and inflationary developments.
Okpanachi said the initiative had become particularly important as the CBN strengthened its forward-looking, data-dependent monetary policy framework and moved towards a more explicit inflation-targeting regime.
He identified the existing twice-yearly manual Sub-National Fiscal Survey as a major constraint to the timely availability of fiscal information, citing logistical difficulties, delays in processing, validation challenges and inconsistencies in data submissions.
The new digital platform, he said, would address these shortcomings through standardised data entry, automated validation processes, simplified submissions and improved monitoring of returns.
It would also introduce traceable correction procedures and support the transition from the existing twice-yearly reporting arrangement to more frequent and sustainable quarterly submissions.
The CBN director, however, emphasised that digital technology would complement rather than replace sound financial record-keeping, proper reconciliation and professional judgment by government officials.
He urged state and local governments to demonstrate commitment to the exercise by ensuring prompt submission of returns, proper validation and reconciliation of financial records, and the appointment of designated officers responsible for coordinating fiscal data reporting.
Okpanachi said the effectiveness of the programme would ultimately be measured by improvements in the completeness and consistency of returns, faster submissions and more reliable fiscal information for economic decision-making.
He assured participating governments of the Bank’s continued technical and operational support through its branches nationwide and the Statistics Department.
The nationwide stakeholder engagement, which commenced on October 26, 2026, is scheduled to cover all states by December 4, while the FCT is expected to participate in the exercise on December 9 and 10.
As of November 6, 16 states and their respective local governments had been covered, with the CBN 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 knowledge required to operate the digital questionnaire, understand data validation requirements and undertake submission and correction procedures.
Following the training, participating officers are expected to transfer the knowledge acquired to other personnel within their respective institutions and commence the submission of fiscal returns through the new platform.
The Statistics Department will subsequently consolidate the outcomes of the nationwide engagement into a national implementation report.
Beyond improving the CBN’s access to sub-national financial information, the digitalisation programme is expected to strengthen fiscal planning, budgeting and policy evaluation at state and local government levels.
It is also expected to improve the quality of information available to the Federal Government and other economic management institutions in assessing the financial position of sub-national governments and their implications for the wider economy.
The initiative forms part of the CBN’s broader data architecture and institutional transformation agenda, with the Bank seeking to establish a more dependable statistical foundation for economic surveillance and policy formulation.
The development comes amid increasing recognition of the importance of reliable sub-national fiscal information to national economic management, particularly as decisions on government spending, revenue mobilisation and borrowing increasingly influence liquidity, inflation and macroeconomic stability.
With the transition to digital reporting, the CBN is seeking to move Nigeria’s sub-national fiscal data system away from periodic, manually processed information towards a more consistent and technology-driven framework capable of supporting timely economic decisions.