CBN’s Digital Fiscal Tracker to Expose Financial Gaps, Strengthen Accountability Across States, LGAs
Oru Leonard
The Central Bank of Nigeria (CBN), is taking steps to strengthen fiscal transparency and accountability across the country through a new digital reporting system designed to improve the monitoring of revenue, expenditure and financing activities of state and local governments.
The initiative will provide the apex bank with more regular and reliable information on the financial activities of the 36 states, the Federal Capital Territory (FCT) and 774 local government areas, with a shift from the existing twice-yearly reporting arrangement to quarterly submissions.
The Director of the CBN Statistics Department, Dr Usman Moses Okpanachi, disclosed this at a Sub-National Fiscal Statistics Stakeholders’ Engagement in Abeokuta, Ogun State.
He explained that the digital platform would address longstanding weaknesses in the country’s sub-national fiscal data collection process, particularly delays in submissions, difficulties with data verification, logistical constraints and prolonged processing periods.
According to him, access to accurate and timely fiscal information is essential for effective economic management, as it enables policymakers to assess government revenue performance, expenditure patterns, borrowing requirements and emerging financial pressures.
Okpanachi noted that reliable information from state and local governments would also enhance the CBN’s capacity to evaluate how government spending and borrowing activities influence liquidity, aggregate demand and inflation.
He said the new platform would introduce standardised data entry procedures, improved validation mechanisms and better tracking of submissions and corrections, making the reporting process more efficient and accountable.
The initiative is also expected to strengthen financial planning and budgetary decisions at the sub-national level by providing governments with better information for evaluating their fiscal performance.
As part of efforts to ensure effective implementation, the CBN has commenced nationwide stakeholder engagement and practical training for fiscal officers in state and local government institutions.
As of November 6, the exercise had reached 16 states, with participation reportedly achieving 100 per cent in almost all the states covered.
The engagement, which began on October 26, is expected to extend to the remaining states by December 4, while the FCT is scheduled for December 9 and 10.
Participating officers are being trained on the use of the digital questionnaire, data validation, submission procedures and correction processes. They are also expected to transfer the knowledge acquired to other relevant personnel in their respective institutions.
However, the CBN Director cautioned that technology alone would not guarantee the integrity of fiscal information, stressing the need for proper financial documentation, reconciliation and professional judgement.
He urged state and local governments to ensure prompt submissions, accurate record-keeping and the appointment of dedicated focal officers to sustain the reporting framework.
The CBN assured participating governments of continued technical assistance through its branches and Statistics Department as the digitalisation programme progresses.
The initiative represents another step in the apex bank’s efforts to strengthen Nigeria’s economic data infrastructure and improve the quality of information available for monetary policy formulation, fiscal planning and broader economic decision-making.
