CBN Introduces Digital Fiscal Reporting System for States and LGs
The Central Bank of Nigeria (CBN) has introduced a digital fiscal reporting system covering the 36 states, the Federal Capital Territory (FCT) and 774 local government areas to improve the collection, accuracy and timely submission of government financial data.
The initiative, being implemented through the bank’s Statistics Department, is expected to replace the largely manual Sub-National Fiscal Survey process and enable more frequent reporting of government revenue, expenditure and financing activities.
The development was announced in a statement issued by the apex bank on Tuesday, following a Sub-National Fiscal Statistics Stakeholders’ Engagement held recently in Abeokuta, Ogun State.
According to the CBN, the digital platform is designed to improve the quality and consistency of fiscal information used in monetary, fiscal and broader economic policy decisions.
Speaking at the engagement, the Director of the CBN’s Statistics Department, Dr Usman Okpanachi, said the digitalisation programme would strengthen fiscal data collection and provide policymakers with more reliable information.
He explained that the existing survey, which was conducted twice yearly and relied heavily on manual processes, faced challenges involving logistics, data validation, processing and timely submissions.
The new system is expected to address these challenges through standardised data entry, improved validation procedures, simplified submissions and better monitoring of reported information.
It will also support a transition to more frequent quarterly fiscal reporting.
Okpanachi noted that reliable fiscal statistics were essential for assessing government revenue performance, expenditure patterns, financing requirements and emerging financial pressures.
He added that accurate information would help policymakers understand how government activities affect aggregate demand, liquidity, borrowing conditions and inflation.
The initiative is part of the CBN’s broader efforts to strengthen its data-driven monetary policy framework and move towards a more explicit inflation-targeting regime.
The director, however, stressed that the success of the platform would depend on the quality of information provided by participating institutions.
He urged state and local governments to ensure timely submission of financial reports, proper validation of records and the appointment of designated officers to coordinate the reporting process.
He also emphasised that technology would complement, rather than replace, proper record-keeping, financial reconciliation and professional judgement.
According to the CBN, 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.
The training sessions are intended to familiarise fiscal officers with the digital questionnaire, validation requirements, submission procedures and processes for correcting reported information.
Following the training, participating officers are expected to share the knowledge with colleagues in their respective institutions and begin submitting fiscal returns through the digital platform.
The CBN’s Statistics Department will subsequently consolidate the implementation results into a national report.
The apex bank said the initiative forms part of its wider data transformation agenda and is expected to strengthen fiscal information for state and local government planning, budgeting and policy evaluation, while supporting monetary, financial and fiscal policy decisions.
