The Central Bank of Nigeria (CBN) has introduced a digital fiscal reporting initiative covering the 36 states of the federation, the Federal Capital Territory and 774 local government areas, as part of efforts to strengthen Nigeria’s economic data infrastructure and improve public financial management.
The initiative, being implemented through the apex bank’s Statistics Department, is designed to replace the largely manual Sub-National Fiscal Survey process with a digital reporting framework that will improve the collection, processing and dissemination of government financial information.
The CBN disclosed this in a statement on Tuesday following the Sub-National Fiscal Statistics Stakeholders’ Engagement held recently in Abeokuta, Ogun State.
According to the bank, the digitalisation programme is expected to improve the timeliness, accuracy, consistency and precision of fiscal data relating to revenue generation, government expenditure and financing activities across the sub-national governments.
Speaking at the engagement, the Director of the CBN’s Statistics Department, Dr Usman Okpanachi, said the initiative would strengthen the country’s fiscal data architecture and provide policymakers with more reliable information for economic management.
He explained that the availability of accurate and timely fiscal statistics was essential for effective monetary and fiscal policy coordination, particularly in an economy where decisions at the state and local government levels have significant implications for national economic performance.
The transition from manual reporting is also expected to reduce inconsistencies in data submissions, improve reporting efficiency and strengthen the capacity of government institutions to provide verifiable financial information.
The initiative comes amid increasing calls for improved transparency, accountability and efficiency in public financial management, particularly as governments at all levels face growing pressure to expand revenue generation and optimise expenditure.
Reliable sub-national fiscal data will also help policymakers assess the financial positions of states and local governments, monitor fiscal trends and develop more effective economic interventions.
The CBN said the digitalisation effort forms part of broader initiatives to strengthen Nigeria’s economic statistics and support evidence-based policymaking across the country.
