The Central Bank of Nigeria
The Central Bank of Nigeria (CBN) has introduced a digital fiscal reporting system covering the country’s 36 states, the Federal Capital Territory (FCT) and 774 local government areas, in a move to improve the accuracy, consistency and timeliness of public finance data.
The initiative will replace the largely manual Sub-National Fiscal Survey with a digital platform designed to improve the collection and submission of information on government revenue, expenditure and financing activities. It will also support a shift from twice-yearly surveys to more frequent quarterly reporting.
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The CBN announced the programme following a Sub-National Fiscal Statistics Stakeholders’ Engagement held in Abeokuta, Ogun State. The bank is implementing the initiative through its Statistics Department as part of efforts to strengthen Nigeria’s economic data infrastructure and improve evidence-based policymaking.
CBN Moves to Replace Manual Fiscal Data Collection
The existing Sub-National Fiscal Survey relies heavily on manual reporting and takes place twice a year. The CBN identified delays in submissions, logistical difficulties, data validation challenges and lengthy processing periods as limitations of the current system.
The new digital platform will introduce standardised data entry, simplified submission procedures, improved validation and better monitoring of information submitted by state and local government authorities. It will also provide a process for tracking corrections to reported data.
According to the Director of the CBN’s Statistics Department, Dr Usman Moses Okpanachi, the system will strengthen the flow of financial information from government ministries, departments and agencies to policymakers.
He explained that reliable fiscal statistics help authorities assess revenue performance, expenditure patterns, financing requirements and emerging financial pressures. The information also helps policymakers evaluate how government spending and borrowing affect economic activity, liquidity, borrowing conditions and inflation.
Digital Platform to Support Quarterly Reporting
The transition to digital reporting is expected to give the CBN access to more regular fiscal information from sub-national governments.
Under the proposed arrangement, the platform will support quarterly submissions, providing a more frequent picture of state and local government finances than the previous twice-yearly survey.
The CBN said the initiative would improve the consistency and completeness of fiscal returns while reducing delays in collecting and processing government financial information.
The bank also stressed that digital technology would not replace the need for sound financial management. State and local government authorities must continue to maintain proper records, reconcile their accounts and ensure that the information they submit is accurate.
Okpanachi urged participating governments to submit their financial returns promptly, validate their records and appoint designated officers to coordinate reporting activities. He said institutional commitment would determine the effectiveness and continuity of the programme.
Training Begins Across States and Local Governments
The nationwide stakeholder engagement and training exercise began on October 26, 2026, and is expected to cover the remaining states by December 4. Training sessions for the Federal Capital Territory are scheduled for December 9 and 10.
As of November 6, the exercise had covered 16 states and their respective local governments, with attendance reaching 100 per cent in almost all the states visited.
The practical sessions are designed to familiarise fiscal officers with the digital questionnaire, data 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 new platform.
The CBN’s Statistics Department will consolidate the implementation outcomes into a national report.
Implications for State Budgets and Infrastructure Planning
The quality of fiscal information available to governments has implications beyond monetary policy. More accurate and timely records can strengthen budget preparation, expenditure monitoring and the evaluation of public investment at state and local government levels.
For the housing and real estate sector, reliable sub-national fiscal data can help investors and industry professionals assess government revenue capacity, spending priorities and the funding environment for infrastructure and urban development.
State and local government spending on roads, drainage, water supply, electricity infrastructure and other public services influences the attractiveness and development potential of residential and commercial locations. Better fiscal reporting could therefore improve the information available for evaluating public investment and its implications for property markets.
However, the digital platform does not itself guarantee higher infrastructure spending or better project delivery. Those outcomes will depend on how governments manage their finances, allocate resources and implement approved budgets.
CBN Links Initiative to Wider Economic Data Reforms
The digitalisation programme forms part of the CBN’s broader data transformation agenda and its efforts to strengthen a forward-looking, data-driven monetary policy framework.
The bank is seeking more reliable information on government activities to support decisions on monetary, fiscal and financial policy. More frequent fiscal reporting could also improve its assessment of public-sector borrowing, liquidity conditions and inflationary pressures.
The effectiveness of the system will ultimately depend on whether state and local governments provide complete, accurate and timely information.
With the training exercise continuing across the country, the next stage will be the consistent use of the platform and the quality of fiscal returns it generates. Its success will depend not only on the technology but also on the reporting discipline and institutional capacity of participating governments.
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