CBN Introduces Digital Fiscal Reporting for States, LGs

The Central Bank of Nigeria (CBN) has introduced a digital reporting system for the collection of fiscal data from Nigeria’s 36 states, the Federal Capital Territory and 774 local government areas.

The initiative is designed to replace the largely manual Sub-National Fiscal Survey process with a digital platform that will improve the accuracy, consistency and timeliness of information on government revenue, expenditure and financing activities.

The Director of the CBN’s Statistics Department, Dr Usman Moses Okpanachi, disclosed the development at a Sub-National Fiscal Statistics Stakeholders’ Engagement held in Abeokuta, Ogun State.

According to the CBN, the existing survey relied heavily on manual reporting and was conducted twice a year. The process faced challenges involving delays, logistics, data validation and processing.

The new platform is expected to standardise data entry, simplify submissions, strengthen validation and improve the monitoring of information, including the tracking of corrections. It will also support a transition to more frequent quarterly submission of fiscal returns.

Okpanachi said reliable fiscal statistics were essential for sound economic management because they enabled policymakers to assess government revenue performance, expenditure patterns, financing requirements and emerging fiscal pressures.

He explained that accurate information on public-sector activities would also help the CBN better understand their implications for aggregate demand, liquidity, borrowing conditions and inflation.

The director, however, stressed that digital technology would not replace proper financial record-keeping, reconciliation and professional judgement. He urged state and local governments to submit their returns promptly, validate and reconcile financial records, and appoint designated officers to coordinate the reporting process.

The nationwide stakeholder engagement began on October 26, 2026, and is expected to cover the remaining states by December 4. Training sessions for the FCT are 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, according to the CBN.

Participating officers are expected to train other personnel within their institutions and begin submitting fiscal returns through the digital platform after the practical sessions.

The CBN said its Statistics Department would consolidate the implementation outcomes into a national report.

The initiative forms part of the bank’s broader data transformation agenda and is expected to strengthen fiscal planning, budgeting and policy evaluation at state and local government levels, while providing more reliable information for monetary, financial and fiscal policy decisions.