The Central Bank of Nigeria (CBN) has introduced a digital fiscal reporting system covering the country’s 36 states, the Federal Capital Territory and 774 local government areas to improve the accuracy and timeliness of public finance data.

The initiative, being implemented through the CBN’s Statistics Department, is designed to replace the largely manual Sub-National Fiscal Survey process with a digital platform that will support more frequent reporting of government revenue, expenditure and financing activities.

The apex bank disclosed the development in a statement on Tuesday, November 10, following a Sub-National Fiscal Statistics Stakeholders’ Engagement held in Abeokuta, Ogun State.

Speaking at the engagement, Director of the CBN Statistics Department, Dr Usman Moses Okpanachi, said reliable fiscal statistics were essential for effective economic management and evidence-based policymaking.

He explained that accurate information on government revenue, spending, borrowing requirements and fiscal pressures would help policymakers assess the impact of public-sector activities on aggregate demand, liquidity, borrowing conditions and inflation.

According to the CBN, the existing survey relied largely on manual processes and was conducted twice a year. The system faced challenges involving delays in submissions, logistics, data validation and processing.

The new digital platform is expected to address these limitations by standardising data entry, simplifying submissions, improving validation and enabling better monitoring of reported information.

It will also allow corrections to be tracked and support a transition to more frequent quarterly submission of fiscal returns by states and local governments.

Okpanachi said the initiative would strengthen the flow of information linking fiscal transactions recorded by ministries, departments and agencies with local government financial activities and national economic policymaking.

He, however, stressed that technology alone would not guarantee reliable fiscal information, noting that proper record-keeping, reconciliation and professional judgement would remain necessary.

The CBN urged state and local government authorities to ensure timely submission of returns, validate and reconcile their financial records, and appoint designated officers to coordinate the reporting process.

The bank said institutional commitment would be critical to ensuring continuity and maintaining the quality of information submitted through the platform.

The nationwide stakeholder engagement commenced 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, according to the CBN.

The practical 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 Statistics Department will subsequently consolidate the implementation outcomes into a national report.

The CBN said the initiative forms part of its broader data transformation agenda and is expected to strengthen fiscal information available to state and local governments for planning, budgeting and policy evaluation.

It is also intended to improve the quality of information available to monetary, financial and fiscal policymakers, particularly as the bank strengthens its data-dependent monetary policy framework and moves towards a more explicit inflation-targeting regime.

The development comes amid longstanding concerns about the availability, consistency and timeliness of subnational financial information in Nigeria, where differences in reporting practices can make it difficult to assess the financial positions of states and local governments.

However, the effectiveness of the new system will depend on whether participating governments provide complete and accurate records, submit returns consistently and maintain reliable financial documentation.

The CBN said the programme’s success would be measured by improvements in the completeness and consistency of fiscal returns, faster submissions, stronger validation and better information for economic decision-making.