New platform seeks to replace manual data collection, improve fiscal reporting and provide policymakers with more reliable information for economic decisions……
The Central Bank of Nigeria (CBN) is introducing a digital reporting system for fiscal data collection across the country’s 36 states, the Federal Capital Territory and 774 local government areas in a move aimed at improving the quality of economic statistics used for policy decisions.
The initiative, being driven by the Bank’s Statistics Department, is designed to overhaul the existing Sub-National Fiscal Survey, which has largely relied on manual data collection and submission.
Under the new arrangement, state and local government authorities will be able to submit fiscal information through a digital platform, allowing for faster reporting, improved data accuracy and more effective monitoring of public finances.
The Director of the CBN’s Statistics Department, Usman Moses Okpanachi, disclosed this at a recent stakeholder engagement on sub-national fiscal statistics in Abeokuta, Ogun State.
He explained that the project would strengthen the flow of financial information from ministries, departments and agencies, as well as local government administrations, to policymakers who depend on accurate data to make economic decisions.
According to him, reliable fiscal statistics are essential for assessing government revenue, expenditure patterns, financing requirements and emerging financial pressures across the public sector.
He noted that such information also helps authorities understand how government spending and borrowing affect economic activities, liquidity, inflation and overall financial conditions.
Okpanachi said the transition to digital reporting had become particularly important as the CBN strengthens its data-driven monetary policy framework and moves towards a more explicit inflation-targeting regime.
He identified delays, logistical difficulties, data validation challenges and lengthy processing periods as some of the shortcomings of the existing survey, which is conducted manually twice a year.
The new system is expected to address these problems by introducing standardised data entry, automated validation processes, easier submissions and a mechanism for tracking corrections.
It will also support the transition from the current twice-yearly exercise to a more regular quarterly reporting system, giving policymakers access to updated fiscal information throughout the year.
However, the CBN director stressed that introducing technology would not eliminate the need for proper financial records, reconciliation and professional oversight.
He urged state and local government authorities to ensure that information submitted through the platform is accurate, complete and delivered within the required timelines.
He also called on the authorities to appoint designated officers responsible for coordinating submissions and maintaining continuity in the reporting process.
Okpanachi said the effectiveness of the initiative would be determined by improvements in the completeness of returns, submission timelines, data validation and the overall quality of fiscal information available to decision-makers.
He assured participating governments of the CBN’s continued technical and operational assistance through its branches and Statistics Department.
The nationwide training and engagement exercise began on October 26, 2026, with the remaining states expected to be covered by December 4.
The Federal Capital Territory is scheduled to participate in the exercise on December 9 and 10.
The practical sessions are designed to familiarise state and local government fiscal officers with the digital questionnaire, data validation requirements, submission procedures and the process for correcting errors.
As of November 6, the CBN said 16 states and their respective local governments had participated in the exercise, with attendance reaching 100 per cent in almost all the locations visited.
Following the training, participating officers are expected to transfer the knowledge gained to other personnel within their respective institutions and commence submissions through the new platform.
The Statistics Department will subsequently review the implementation process and consolidate the findings into a national report.
The project forms part of the CBN’s wider efforts to modernise Nigeria’s economic data infrastructure, with the expectation that more accurate and timely fiscal information will improve budgeting, planning and policy evaluation at the state and local government levels.
It is also expected to give monetary, fiscal and financial policymakers a clearer picture of government activities across the country, strengthening the information available for decisions affecting the wider economy.
