The Central Bank of Nigeria (CBN) has stepped up efforts to modernise the country’s economic data collection system through the digitalisation of its Sub-National Fiscal Survey across the 36 states, the Federal Capital Territory (FCT) and all 774 Local Government Areas (LGAs).
The initiative is designed to move away from the traditional manual reporting system and improve the accuracy, reliability, consistency and timely availability of fiscal data for monetary and economic policy decisions.
Speaking at a recent Sub-National Fiscal Statistics Stakeholders’ Engagement held in Abeokuta, Ogun State, the Director of the CBN Statistics Department, Dr Usman Moses Okpanachi, said the project would strengthen the flow of financial information from Ministries, Departments and Agencies (MDAs), as well as local governments, to support evidence-based policymaking.
Dr Okpanachi stressed that dependable fiscal statistics were essential for effective economic management, as they enable governments to monitor revenue generation, spending patterns, funding requirements and financial challenges.
He explained that such information also provides policymakers with a clearer understanding of public-sector activities and their effects on aggregate demand, liquidity, borrowing conditions and inflation.
According to him, the availability of timely and accurate data has become more crucial as the CBN strengthens its forward-looking, data-driven monetary policy framework and moves towards a more clearly defined inflation-targeting system.
He, however, noted that the existing Sub-National Fiscal Survey, which relies largely on manual processes and is conducted twice yearly, has faced challenges relating to delayed submissions, logistics, data verification and processing.
The CBN director said the new digital platform would address these challenges by introducing standardised data entry, improved validation procedures, easier submissions, effective monitoring and traceable corrections. It is also expected to facilitate a transition to more regular quarterly reporting.
Dr Okpanachi clarified that the adoption of technology would not eliminate the need for proper financial records, accurate reconciliation and professional judgement.
He therefore urged state and local government authorities to prioritise timely reporting, data integrity and institutional continuity by ensuring prompt submissions, proper verification and the appointment of designated officers to coordinate the process.
He added that the success of the initiative would be determined by improvements in the completeness and consistency of reports, faster submissions, stronger validation processes and the availability of quality fiscal information for decision-making.
The director also assured stakeholders that the CBN would continue providing technical and operational assistance through its branches and Statistics Department.
The nationwide engagement, which began on October 26, 2026, is scheduled to cover the remaining states by December 4, while the FCT is expected to participate in sessions scheduled for December 9 and 10.
The practical training sessions are designed to familiarise state and local government fiscal officers with the digital questionnaire, data validation procedures, submission processes and correction mechanisms.
As of November 6, 2026, the exercise had reached 16 states and their respective local governments, with participation reportedly receiving strong government support and attendance reaching 100 per cent in almost all the states visited.
Following the training, participating officers are expected to transfer the knowledge acquired to their respective institutions and commence submissions through the digital platform. The CBN Statistics Department will subsequently compile the implementation results into a national report.
The initiative forms part of the CBN’s broader data transformation and modernisation agenda. It is expected to provide more reliable fiscal information to support state and local government planning, budgeting and policy assessment, while strengthening the data available for monetary, financial and fiscal policy decisions.
