By Stella Odueme
The Cetral Bank of Nigeria (CBN) has commenced the digitalisation of its Sub-National Fiscal Survey across the 36 states, the Federal Capital Territory (FCT) and 774 Local Government Areas to improve the quality and reliability of economic data for policy formulation.
The initiative, being implemented through the Bank’s Statistics Department, is designed to replace the largely manual data collection and reporting system with a digital platform that will enhance the accuracy, consistency and timely submission of fiscal information.
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 initiative would strengthen the connection between fiscal transactions at Ministries, Departments and Agencies (MDAs), Local Governments and evidence-based policymaking.
According to a statement by Auwalu Alhaji of the Corporate Communications and Investor Relations Department, on Tuesday, Okpanachi explained that credible fiscal statistics were essential for effective economic management, as they enable governments to monitor revenue generation, expenditure patterns, financing requirements and emerging fiscal challenges.
He noted that reliable data would also assist policymakers in understanding public-sector activities and their implications for aggregate demand, liquidity, borrowing conditions and inflation.
According to him, the existing twice-yearly manual survey had encountered challenges relating to logistics, data validation, processing and timely submission, making digital transformation necessary.
He said the new platform would standardise data entry, simplify submissions, strengthen validation procedures and provide better monitoring and traceability of corrections, while facilitating a transition to more regular quarterly reporting.
The CBN director stressed that technology alone could not guarantee reliable statistics, emphasising the need for proper record-keeping, reconciliation and professional judgement.
He urged state and local government authorities to ensure prompt submission and validation of returns, while appointing designated focal officers to guarantee continuity in the reporting process.
Okpanachi assured stakeholders that the CBN would continue to provide technical and operational support 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 exercise will hold on December 9 and 10.
As of November 6, 16 states and their Local Governments had participated in the exercise, with attendance reaching 100 per cent in almost all the states visited.
The practical sessions are designed to equip fiscal officers with the skills required to operate the digital questionnaire, understand validation procedures and undertake electronic submission and correction of returns.
Following the training, participating officers are expected to transfer the knowledge acquired to other relevant personnel in their institutions and commence submissions 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 architecture and transformation agenda, aimed at strengthening fiscal information for sub-national planning, budgeting and policy evaluation, as well as improving the quality of data available for monetary, financial and fiscal policy decisions.