NEWS
CBN Digitises Fiscal Survey Across 36 States, FCT, 774 LGAs
CBN Digitises Fiscal Survey Across 36 States, FCT, 774 LGAs
The digital platform is expected to replace largely manual reporting and enable quarterly fiscal data submissions.
Sixteen states had been covered as of November 6, with the nationwide exercise scheduled to end in December.
CBN says improved data quality will support monetary policy, fiscal planning and economic decision-making.
November 10, () – The Central Bank of Nigeria has begun digitalising its Sub-National Fiscal Survey across the 36 states, the Federal Capital Territory and 774 local government areas to improve the quality and frequency of fiscal data used for economic policymaking.
The initiative is designed to replace the largely manual reporting process with a digital platform that will standardise data submissions, strengthen validation and make information on government revenue, expenditure and financing more readily available.
Speaking at a stakeholders’ engagement in Abeokuta, Ogun State, the Director of the CBN Statistics Department, Usman Moses Okpanachi, said the reform would strengthen the link between fiscal transactions at ministries, departments and agencies, as well as local governments, and evidence-based policy decisions.
He said reliable sub-national fiscal statistics were essential for assessing revenue performance, expenditure patterns, financing requirements and emerging fiscal pressures.
Every second brings Nigerians closer to exercising their democratic right and shaping the future of our nation.
Exercise your democratic right responsibly, peacefully and lawfully.
According to him, the information also helps policymakers understand how government activities affect aggregate demand, liquidity, borrowing conditions and inflation.
The CBN director said the existing survey, which was conducted twice a year and relied largely on manual processes, faced challenges relating to timeliness, logistics, data validation and processing.
Channel
The digital platform is expected to address these limitations through standardised data entry, automated validation processes, easier submissions, improved monitoring and traceable corrections.
It will also support a transition to more frequent quarterly reporting by state and local governments.
CBN Governor Olayemi Cardoso addresses journalists at a monetary policy briefing Source CBN
Quarterly reporting targeted
Okpanachi said the digitalisation of the survey was particularly important as the CBN strengthened its forward-looking, data-dependent monetary policy framework and moved towards a more explicit inflation-targeting regime.
He, however, stressed that technology would not replace the need for proper record-keeping, reconciliation and professional judgement in preparing fiscal returns.
He urged state and local government authorities to ensure timely submissions, validate and reconcile their records, and appoint designated officers to coordinate the process and maintain institutional continuity.
The CBN said the effectiveness of the initiative would be assessed through improvements in the completeness and consistency of returns, submission timelines, validation, and the quality of fiscal information available to policymakers.
The nationwide stakeholder engagement began on October 26, 2026, and is scheduled to cover the remaining states by December 4. The FCT sessions are planned for December 9 and 10.
As of November 6, 16 states and their local governments had been covered. The CBN said attendance had reached 100 per cent in almost all the states visited, reflecting strong participation by government officials.
The practical sessions are designed to familiarise fiscal officers with the digital questionnaire, validation requirements, submission procedures, and processes for correcting entries.
Following the training, participating officers are expected to share the knowledge with colleagues in their respective institutions and begin submitting fiscal returns through the platform.
The CBN Statistics Department will subsequently consolidate the implementation outcomes into a national report.
The exercise forms part of the apex bank’s broader data architecture and transformation agenda.
Beyond supporting monetary policy, improved sub-national fiscal information could help state and local governments strengthen budget preparation, planning and policy evaluation.
The shift to quarterly digital reporting is expected to give policymakers a more current picture of fiscal developments across the country, although its effectiveness will depend on consistent submissions and the quality of records maintained by the different levels of government.
DO YOU WANT TO WHISTLEBLOW, REPORT FRAUD, THEFT OR INJUSTICE OR INTIMIDATION? SEND US YOUR STORY/REPORT TO NEWSDESK@MEDIATODAY.NG
