CBN introduces digital fiscal reporting for states, LGAs

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The Central Bank of Nigeria has launched a digital fiscal reporting initiative for states and LGAs to improve the accuracy and timeliness of financial data Read More:…

The Central Bank of Nigeria has introduced a digital fiscal reporting initiative covering the 36 states, the Federal Capital Territory and 774 local government areas to improve the collection, accuracy and timeliness of government financial data.

The initiative, implemented through the bank’s Statistics Department, is designed to replace the largely manual Sub-National Fiscal Survey process and support more frequent reporting of government revenue, expenditure and financing activities.

This was disclosed in a statement issued by the apex bank on Tuesday, following the Sub-National Fiscal Statistics Stakeholders’ Engagement held recently in Abeokuta, Ogun State.

The statement read, “The Central Bank of Nigeria, through its Statistics Department, has intensified efforts to strengthen the country’s economic data architecture by digitalising the Sub-National Fiscal Survey across the 36 States, the Federal Capital Territory and 774 Local Government Areas nationwide. The initiative aims to replace the largely manual reporting process and improve the timeliness, accuracy, consistency and precision of fiscal data for monetary, fiscal and broader economic policy decisions.”

Speaking at the engagement, the Director of the CBN’s Statistics Department, Dr Usman Okpanachi, explained that the digitalisation programme would strengthen fiscal data collection and improve the quality of information available for economic policymaking.

According to the statement, “The digitalisation initiative would address these constraints by standardising data entry, improving validation, simplifying submissions, enabling better monitoring and traceable corrections, and supporting the transition to more frequent and sustainable quarterly rendition of returns.”

Okpanachi noted that the existing survey, which relied largely on manual processes and was conducted twice yearly, faced challenges relating to timeliness, logistics, data validation and processing.

He said the new system would address these…

The…

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