Nothing short of overload describes this week with plenty of macroeconomic data underway to shape academic discourse, political squabbles and media analysis.

Whereas the April consumer price index (CPI), the most contested subject in recent years, is due for release later in the week, the World Bank opens the week with the unveiling of its May 2025 edition of the Nigeria Development Update (NDU).

The event hosted by the Acting Country Director, Taimu Samad, has lined up a potpourri of comments that would ruffle feathers and put the social media on a highway drive.

Irrespective of the positions of the World Bank on burning issues such as inflation, public debt, social safety nets, subsidy removal management, naira exchange value, economic growth and, most importantly, poverty, the government has an opportunity to start a positive conversation around its reforms.

Key drivers of the reform – the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, and the Governor of the Central Bank of Nigeria (CBN), Yemi Cardoso – are leading a panel dominated by members of President Bola Tinubu’s cabinet.

Also joining the session are the Minister of Communications, Innovation and Digital Economy, Dr ‘Bosun Tijani, the Governor of Plateau State, Caleb Mutfwang and CEO of UAC Foods Limited, Oluyemi Oloyede.

Perhaps, the World Bank is looking forward to a robust response from the Tinubu administration, hence three key officials in the national economic management team will participate in the discourse at the event being held in Abuja.

The NDU report is published twice a year to assess recent economic and social developments, prospects and policies. It also takes a closer look at selected emerging issues while spotlighting critical aspects of Nigeria’s development agenda.

Since the last edition, which was published last year, the global community has been embroiled in a tariff war with the United States. Though many analysts admitted Nigeria may not be significantly impacted by the ultra-high tariff, the indirect impacts cannot be ignored.

Already, oil prices have caved in, trading about 20 per cent below the budget benchmark. The NDU is likely going to highlight how the bearish oil trade would exacerbate the fiscal deficit crisis, complicate the debt funding burden and reduce infrastructure funding and increase the debt level.

The moderate debt growth, relatively stable foreign exchange (FX) market and improved net external reserve and improved revenue inflow are likely to form the intervention of the government officials, who had previously insisted that the current position is far better than where the country is coming from.

Most times, the World Bank positions of countries’ economic outlooks are conditioned on different scenarios with assumptions laid on how the government responds to certain economic behaviours.

In the past two years, the government has been consistent with its reforms. The NDU would most likely rationalise the importance of staying committed to the reforms and consolidating the gains with tax reforms.

The report would surely provide content for analysing the economy during Tinubu’s mid-term, which is just two weeks away. But the data are not mere statistics but a reflection of the living conditions of struggling Nigerians, many skipping meals to be able to afford the rising cost of education, while others withdraw their kids from private schools as their resources can only afford sustenance.