Reported by Simon Daniel Yusuph l Journalist at Weng Global
The Central Bank of Nigeria (CBN) has commenced the digitalisation of fiscal data reporting across Nigeria’s 36 states, the Federal Capital Territory (FCT) and 774 Local Government Areas (LGAs), in a move aimed at improving the accuracy, reliability and timeliness of government financial information.
The initiative is designed to modernise the collection and processing of financial information from state and local governments by replacing the largely manual reporting system with a digital platform.
Through the reform, the apex bank hopes to strengthen Nigeria’s economic data infrastructure and provide policymakers with more reliable information for monetary policy, fiscal planning and broader economic decision-making.
The programme is being implemented through the CBN’s Statistics Department and focuses on digitalising the Sub-National Fiscal Survey, which collects information about government revenue, expenditure, financing activities and other public financial operations.
The development was disclosed during a Sub-National Fiscal Statistics Stakeholders’ Engagement held in Abeokuta, Ogun State, where the Director of the CBN Statistics Department, Dr Usman Moses Okpanachi, highlighted the importance of improving the country’s fiscal information system.
According to information released by the Central Bank, the initiative is expected to strengthen the connection between financial transactions undertaken by government Ministries, Departments and Agencies (MDAs), local governments and evidence-based policymaking.
The digital reporting framework is also expected to make fiscal information more accessible for economic analysis while reducing delays associated with traditional data collection and processing.
CBN Moves to Replace Manual Fiscal Reporting
Nigeria’s sub-national fiscal reporting system has traditionally relied heavily on manual processes, with state and local governments submitting financial information through periodic reporting exercises.
However, the existing arrangement, which operates twice yearly, has faced challenges relating to delayed submissions, logistical difficulties, data validation and processing.
These limitations can affect how quickly policymakers obtain reliable information about the financial activities of sub-national governments.
The CBN’s digitalisation initiative is intended to address these challenges by introducing standardised data entry procedures, improved validation mechanisms, simplified submissions and better monitoring of submitted returns.
The platform is also expected to make corrections more traceable, allowing relevant authorities to identify and address inconsistencies in submitted information.
An important aspect of the reform is the proposed transition towards more frequent quarterly fiscal reporting.
Moving from the existing twice-yearly reporting arrangement to quarterly submissions would give the Central Bank and other relevant policymakers more regular information about the financial positions and activities of state and local governments.
Such information is particularly important in an economy where government revenue, public expenditure, borrowing requirements and liquidity conditions influence broader economic performance.
The transition is expected to improve the availability of current fiscal information rather than leaving policymakers dependent on figures that may no longer accurately reflect prevailing financial conditions.
CBN Explains Importance of Reliable Fiscal Statistics
Speaking at the stakeholder engagement in Abeokuta, Okpanachi emphasised that reliable fiscal statistics are essential for effective economic management and evidence-based policymaking.
Information about government revenue and expenditure helps economic authorities understand how public resources are generated, allocated and utilised across different levels of government.
It also provides insight into financing requirements, fiscal pressures and the relationship between government spending and wider economic activities.
For the Central Bank, such information is particularly relevant to understanding developments affecting aggregate demand, liquidity, borrowing conditions and inflation.
The availability of more frequent and reliable information could therefore strengthen the quality of economic assessments and support better-informed policy decisions.
The initiative also comes as the CBN continues to strengthen its forward-looking, data-dependent monetary policy framework and moves towards a more explicit inflation-targeting approach.
Under such a framework, timely and credible economic statistics are important for assessing inflationary pressures and determining appropriate monetary policy responses.
However, the CBN director stressed that introducing technology would not eliminate the need for proper financial documentation and professional oversight.
Digital systems can improve the speed of reporting and identify certain inconsistencies, but the accuracy of the information ultimately depends on the quality of the underlying financial records.
This means state and local government authorities must continue maintaining proper accounting records, reconciling financial information and ensuring that submitted figures accurately reflect their transactions.
Sixteen States Already Covered by the Nationwide Exercise
The Central Bank has commenced a nationwide stakeholder engagement and practical training programme to prepare government fiscal officers for the transition to digital reporting.
The exercise began on October 26, 2026, and is designed to cover state and local government representatives across the country.
As of November 6, 2026, 16 states and their respective local governments had been covered by the engagement.
The CBN reported strong government support for the programme, with attendance reaching 100 per cent in almost all the states visited.
The remaining states are expected to be covered by December 4, 2026, while the Federal Capital Territory has been scheduled for December 9 and 10.
The practical sessions are intended to equip participating fiscal officers with the necessary knowledge and technical skills to operate the digital questionnaire.
They also cover the platform’s validation requirements and procedures for submitting, reviewing and correcting fiscal returns.
The training is considered an important part of the implementation process because the effectiveness of the digital reporting system will depend largely on the ability of government officials to use it correctly.
Following the engagement, trained officers are expected to transfer the knowledge acquired to other relevant personnel within their respective institutions.
They will subsequently begin submitting fiscal returns through the digital platform.
The CBN’s Statistics Department is expected to consolidate the outcomes of the implementation exercise into a national report.
States and Local Governments Asked to Strengthen Data Accountability
The success of the initiative will require sustained cooperation between the Central Bank and the governments responsible for providing the financial information.
Okpanachi urged state and local government authorities to prioritise three important principles: timeliness, integrity and continuity.
Timeliness involves ensuring that fiscal information is submitted promptly to prevent unnecessary delays in the availability of economic data.
Integrity requires government institutions to ensure that submitted figures are accurate, properly validated and reconciled with their financial records.
Continuity, meanwhile, involves establishing an institutional reporting structure that can function effectively despite personnel transfers, changes in responsibilities or staff movements.
To support this process, the CBN has encouraged state and local governments to appoint designated focal officers who will coordinate fiscal reporting activities and maintain communication with the relevant authorities.
The appointment of responsible officers is expected to reduce disruptions and ensure that the reporting process remains consistent.
The Central Bank has also assured participating governments of continued technical and operational support through its branches nationwide and the Statistics Department.
The bank has indicated that the programme’s success will ultimately be assessed through improvements in the completeness and consistency of fiscal returns, faster submissions, stronger validation processes and better-quality information for economic decision-making.
Why the Digital Fiscal Reporting Initiative Matters to Nigeria
The digitalisation of sub-national fiscal reporting has implications beyond the administrative operations of the Central Bank.
Nigeria operates a federal system in which financial responsibilities and public expenditure are distributed among the federal, state and local government levels.
Consequently, understanding the country’s overall economic position requires reliable information about financial activities across these different tiers of government.
When fiscal information is delayed, incomplete or inconsistent, economic authorities may face difficulties assessing the financial conditions of sub-national governments.
This can affect the quality of economic planning, policy coordination and public finance assessments.
By improving the collection of state and local government financial information, the CBN’s initiative could help strengthen the statistical foundation for economic management.
For state governments, improved reporting could support better assessments of revenue performance, expenditure priorities and financing requirements.
Local governments could also benefit from more structured financial reporting procedures that encourage accurate documentation and more consistent monitoring of public resources.
For policymakers, quarterly submissions would potentially provide a clearer picture of changes in government finances throughout the year.
This could improve the assessment of public spending patterns and their possible effects on economic activity, liquidity and inflation.
However, the availability of digital reporting infrastructure does not automatically guarantee improved financial accountability or eliminate weaknesses in public financial management.
The quality of the outcome will depend on whether government institutions submit complete and accurate information, maintain proper records and respond appropriately when inconsistencies are identified.
The effectiveness of the system will therefore be determined not only by the technology introduced but also by the commitment of participating governments to transparent and consistent reporting.
CBN’s Wider Data Transformation Agenda
The new reporting framework forms part of the Central Bank’s broader efforts to strengthen Nigeria’s economic data architecture and institutional transformation agenda.
Reliable statistics are increasingly important to modern central banking, particularly as monetary authorities depend on economic indicators to assess changing conditions and formulate policy responses.
For Nigeria, improving access to information from state and local governments could provide a more comprehensive understanding of public-sector financial activities.
It could also strengthen the information available for fiscal coordination, financial assessments and broader economic research.
The reform is particularly significant because sub-national governments play important roles in delivering public services, implementing development projects and managing resources that directly affect citizens.
A more consistent reporting arrangement could help provide policymakers with better information about how government financial activities are evolving across the federation.
Nevertheless, the CBN’s initiative should be understood primarily as a fiscal data collection and reporting reform. Its success will depend on effective implementation and the quality of information supplied by participating institutions.
What Happens Next?
The immediate priority is completing the nationwide stakeholder engagement and ensuring that state and local government fiscal officers are adequately prepared to use the digital reporting platform.
The CBN expects the exercise to cover the remaining states by December 4, 2026, followed by the scheduled engagement with the Federal Capital Territory on December 9 and 10.
After the training, participating officers are expected to extend the knowledge acquired to other personnel within their institutions and commence digital submission of fiscal returns.
The Statistics Department will subsequently consolidate the implementation outcomes into a national report.
Attention will then focus on whether the new arrangement delivers more complete fiscal returns, faster submissions, improved data validation and the expected transition towards quarterly reporting.
The Central Bank’s ability to sustain technical support and encourage cooperation from state and local governments will also be important to the long-term success of the programme.
Ultimately, the initiative represents an important step towards modernising Nigeria’s sub-national fiscal information system.
While technology alone cannot resolve every challenge associated with public financial management, a reliable digital reporting framework could improve the information available to policymakers and strengthen the foundation for economic planning across the country.
For Nigeria, the central test will be whether the reform translates into consistent, accurate and timely financial information that supports better decisions at every level of government.
Weng Global – stories beyond borders
Sources
- Central Bank of Nigeria (CBN) – Official information on the Sub-National Fiscal Survey digitalisation initiative.
- Channels Television – Report on the CBN’s digitalisation of sub-national fiscal reporting, November 10, 2026.
- TheCable – Report on the transition towards digital and quarterly fiscal data submissions, November 10, 2026.
- Voice of Nigeria – Report on the CBN’s digital fiscal data collection programme, November 10, 2026.
- Nairametrics – Report on digital fiscal data collection across states and local governments, November 10, 2026.
