CBN Introduces Digital Fiscal Reporting System for Nigeria’s States and Local Governments
The initiative will replace largely manual data collection and introduce planned quarterly submissions to improve the timeliness and reliability of public finance information.
ABUJA, Nigeria — The Central Bank of Nigeria has introduced a digital fiscal reporting initiative covering the country's 36 states, the Federal Capital Territory and 774 local government areas, in a move aimed at improving the quality and timeliness of government financial data.
The initiative, being implemented through the CBN's Statistics Department, will digitalise the country's Sub-National Fiscal Survey, replacing a largely manual reporting process used to collect information on government revenue, expenditure and financing activities.
The CBN said the new system is intended to improve the accuracy, consistency and reliability of fiscal information used by policymakers. The initiative was discussed during a Sub-National Fiscal Statistics Stakeholders' Engagement held in Abeokuta, Ogun State.
Moving Away From Manual Reporting
Under the existing system, the collection of fiscal data from sub-national governments has relied heavily on manual processes and was conducted twice yearly.
According to the CBN, this approach faced challenges involving delays, logistics, data validation and the processing of information.
The new digital platform is expected to standardise how fiscal information is entered and submitted. It will also improve validation procedures, make corrections more traceable and allow officials to monitor the reporting process more effectively.
The CBN's Director of the Statistics Department, Dr. Usman Moses Okpanachi, said reliable fiscal information is important for understanding government revenues, spending patterns and financing requirements.
Better-quality data could also help policymakers assess the financial pressures facing state and local governments and strengthen the link between public-sector financial activity and wider economic decision-making.
Quarterly Reporting Planned
One of the significant changes under the new system is the planned transition from twice-yearly reporting to more frequent quarterly submissions.
More regular reporting could provide policymakers with a clearer and more current picture of public finances at state and local-government level.
The CBN said improved access to fiscal information would support monetary, fiscal and broader economic policy decisions.
State and local government spending can affect economic activity, liquidity and inflationary pressures. More timely information on public revenues, expenditure and financing could therefore help the central bank and other policymakers better assess conditions across the economy.
Training Officials Across Nigeria
The CBN has begun a nationwide stakeholder-engagement and training programme to prepare relevant officials to use the new digital reporting system.
The exercise includes practical sessions designed to help fiscal officers understand the digital questionnaire, validation requirements and procedures for submitting and correcting information.
As of November 6, the engagement programme had covered 16 states and their local governments, according to reports on the initiative. The wider programme is expected to continue across the remaining states, with the Federal Capital Territory also scheduled for participation.
Officials are expected to transfer the knowledge gained during the training within their respective institutions and begin submitting fiscal returns through the digital platform.
Part of a Wider Data-Reform Strategy
The digitalisation programme forms part of the CBN's broader effort to strengthen Nigeria's economic data architecture.
The central bank has increasingly emphasised the importance of timely and reliable data in supporting evidence-based policymaking, particularly as it seeks to improve its understanding of economic conditions and inflationary pressures.
For state and local governments, the system could also improve access to organised financial information for planning, budgeting and policy evaluation.
However, the success of the initiative will depend heavily on implementation. A digital platform can improve the process of collecting and processing information, but the quality of the final data will still depend on governments submitting complete, accurate and timely returns.
The CBN's new system therefore represents an important shift in how Nigeria gathers fiscal information from sub-national governments. If consistently implemented, it could provide policymakers with more regular and reliable information on public finances across the country's states and local governments.