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From Adanna Nnamani, Abuja
The Central Bank of Nigeria (CBN) has begun digitalising the collection of fiscal data from the 36 states, the Federal Capital Territory (FCT) and 774 local government areas to improve the accuracy and speed of economic information used for policy decisions.
The initiative is expected to replace the largely manual process of gathering information on government revenue, spending and borrowing with a digital system that will make data submission, verification and monitoring easier.
Speaking at a stakeholders’ engagement on sub-national fiscal statistics in Abeokuta, Ogun State, the Director of the CBN Statistics Department, Dr Usman Moses Okpanachi, said the exercise would strengthen the link between financial records kept by government ministries, departments and agencies (MDAs), local governments and economic policy decisions.
He explained that reliable fiscal data would help governments understand how much they earn, how they spend public funds, their borrowing needs and the financial pressures they face. According to him, such information is also important to the CBN because government spending and borrowing can affect the amount of money in circulation, lending conditions and inflation.
Okpanachi said the move had become necessary as the apex bank strengthened its approach to making monetary policy decisions based on current economic data and moved towards a more explicit inflation-targeting framework.
He noted that the existing manual survey, conducted twice a year, faced challenges relating to delays, logistics, data verification and processing.
He said the digital platform would make data collection more efficient by providing standardised entry formats, simplifying submissions, improving verification and allowing officials to track corrections.
The system is also expected to support the shift from twice-yearly data collection to quarterly submissions, giving policymakers more regular access to information on the finances of state and local governments.
Okpanachi stressed that technology alone would not guarantee accurate records, adding that proper documentation, reconciliation and professional judgement remained important.
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He urged state and local governments to submit their records promptly, verify and reconcile figures before submission, and appoint designated officers to handle the exercise to ensure continuity.
He said the success of the initiative would be measured by more complete and consistent reports, faster submissions, improved data verification and better information for economic decisions.
The CBN director assured stakeholders that the bank would continue to provide technical and operational support through its branches and Statistics Department.
The nationwide exercise began on October 26, 2026, and is expected to cover the remaining states by December 4, while the FCT is scheduled for December 9 and 10.
As of November 6, 16 states and their local governments had been covered, with attendance reaching 100 per cent in almost all the states visited.
The practical sessions are designed to teach state and local government finance officers how to use the digital questionnaire, verify information and submit or correct their reports.
After the training, participating officers are expected to share the knowledge with colleagues in their respective institutions and begin submitting fiscal records through the platform.
The CBN Statistics Department will subsequently review the results of the exercise and prepare a national report.
The initiative forms part of the apex bank’s broader efforts to improve economic data collection and provide more reliable information for government planning, budgeting and monetary, financial and fiscal policy decisions.
