CBN introduces digital fiscal reporting for states, LGs

The Central Bank of Nigeria (CBN) has launched a digital fiscal reporting system for the 36 states, the Federal Capital Territory and 774 local government areas. This initiative aims to improve the accuracy, timeliness and consistency of government financial data, moving away from the largely manual Sub-National Fiscal Survey process.

The digitalisation effort, spearheaded by the CBN's Statistics Department, will replace the outdated, twice-yearly reporting method with a more streamlined, quarterly system. Dr Usman Okpanachi, Director of the CBN's Statistics Department, emphasized that reliable fiscal statistics are crucial for effective policymaking, including assessing government revenue, expenditure patterns and financing requirements.

The digital system will streamline data entry, enhance validation processes, simplify submissions and enable better monitoring and traceable corrections. To ensure successful implementation, government entities must submit fiscal returns on time, validate financial records and appoint designated officers to manage reporting activities.

The CBN will provide technical and operational support throughout the transition, with stakeholders engaged since October 2026. The initiative is part of the CBN's broader data transformation agenda, strengthening fiscal information for state and local government planning, budgeting and policy evaluation.