The Central Bank of Nigeria (CBN) has commenced the digitalisation of fiscal data collection across the 36 states of the federation, the Federal Capital Territory (FCT) and 774 Local Government Areas (LGAs) to strengthen economic statistics and improve policy decisions.
The initiative is designed to replace the largely manual reporting system with a digital platform that will enhance the accuracy, consistency, reliability and timely submission of fiscal information.
The Director of the CBN Statistics Department, Dr Usman Moses Okpanachi, disclosed this at the Sub-national Fiscal Statistics Stakeholders’ Engagement held recently in Abeokuta, Ogun State.
Okpanachi said the initiative was aimed at strengthening the information chain connecting fiscal transactions in Ministries, Departments and Agencies (MDAs) and local governments with evidence-based policymaking.
He explained that reliable fiscal statistics were essential for effective economic management, enabling governments to assess revenue performance, expenditure patterns, financing requirements and fiscal pressures.
According to him, accurate information also provides policymakers with a clearer understanding of public-sector activities and their implications for aggregate demand, liquidity, borrowing conditions and inflation.
He noted that timely data had become increasingly important as the CBN strengthened its forward-looking, data-dependent monetary policy framework and moved towards a more explicit inflation-targeting regime.
Okpanachi said the existing twice-yearly Sub-National Fiscal Survey, which relied largely on manual reporting, faced challenges relating to timeliness, logistics, data validation and processing.
He explained that the digitalisation programme would address these limitations through standardised data entry, improved validation, simplified submissions, better monitoring and traceable corrections.
The initiative is also expected to support the transition to more frequent and sustainable quarterly submission of fiscal returns by states and local governments.
The CBN director stressed that technology would complement rather than replace proper record-keeping, reconciliation and professional judgment.
He urged state and local government authorities to ensure prompt data submission, proper validation and reconciliation, while appointing designated focal officers to guarantee continuity in the process.
He added that the success of the programme would be measured by improved completeness and consistency of returns, faster submissions, better validation and the availability of reliable fiscal information for decision-making.
Okpanachi assured stakeholders of the bank’s continued technical and operational support through its branches and Statistics Department.
The nationwide engagement commenced on October 26, 2026, and is expected to cover the remaining states by December 4, while the FCT is scheduled for December 9 and 10.
The practical sessions are designed to equip state and local government fiscal officers with the skills to operate the digital questionnaire, understand validation requirements and undertake submission and correction procedures.
As of November 6, 2026, 16 states and their local governments had been covered, with strong government participation and attendance reaching 100 per cent in almost all the states visited.
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