CBN moves to digitalise fiscal data collection across 774 LGAs

The Central Bank of Nigeria (CBN) has begun digitalising fiscal data collection across the 36 states, the Federal Capital Territory (FCT) and 774 Local Government Areas to improve the accuracy and reliability of economic information used for policy decisions.

The initiative is expected to replace the largely manual, twice-yearly Sub-National Fiscal Survey with a digital system that will enable more frequent quarterly reporting, faster submissions and improved monitoring of government revenues and expenditure.

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

He said the reform was designed to strengthen the flow of financial information from ministries, departments and agencies (MDAs), as well as local governments, to policymakers.

According to him, reliable fiscal statistics are essential for assessing government revenue, spending patterns, borrowing requirements and other financial pressures that influence economic activities.

Okpanachi explained that accurate and timely information would also help the CBN monitor liquidity, aggregate demand, borrowing conditions and inflation as it strengthens its data-driven monetary policy framework and moves towards a more explicit inflation-targeting regime.

He identified delays in reporting, logistical difficulties, data validation and processing as some of the challenges associated with the existing manual survey.

The director said the new digital platform would address these shortcomings through standardised data entry, automated validation processes, simplified submissions and traceable corrections.

He, however, stressed that technology alone would not guarantee reliable statistics without proper record-keeping, reconciliation and professional oversight.

Okpanachi urged state and local governments to ensure prompt submission and validation of returns, while appointing designated officers to coordinate the process and maintain institutional continuity.

He said the success of the exercise would be measured by improved data completeness, consistency, faster reporting and the availability of reliable fiscal information for economic planning.

The CBN director assured participating governments of continued technical and operational support through the bank’s branches and Statistics Department.

The nationwide engagement began on October 26, 2026, and is scheduled to cover the remaining states by December 4, while the FCT exercise will hold on December 9 and 10.

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As of November 6, 16 states and their local governments had participated in the exercise, with attendance reaching 100 per cent in almost all the states visited, according to the CBN.

The practical sessions are designed to train state and local government fiscal officers on using the digital questionnaire, meeting validation requirements and submitting or correcting financial returns.

Following the training, participating officers are expected to transfer the knowledge to other personnel in their institutions and commence submissions through the new platform.

The CBN said the Statistics Department would consolidate the implementation outcomes into a national report, adding that the reform would strengthen fiscal planning and budgeting at the sub-national level while providing more reliable information for monetary, financial and fiscal policy decisions.