The Presidency has denied claims by the National Bureau of Statistics that the economy is in recession.
The Presidency claimed the economy is doing better than the predictions of the International Monetary Fund, IMF.
The statement was contained in a press release by the Special Adviser to the President on Economic Matters, Dr. Adeyemi Dipeolu.
Dr. Adeyemi was reacting to the Gross Domestic Product or GDP figures for the 2016 second quarter by the National Bureau of Statistics.
Dipeolu described the decline as temporary saying the economy will rebound in three months.
According to Dr. Adeyemi, “The economy recorded growths in the agriculture and solid mineral sectors.
“In response to the policies of the Buhari presidency, the economy is doing far better than what the IMF had estimated.
“There are clear indications that the second half of the year would be even much better,” he said.
As if to fool Nigerians the more, Vice President Yemi Osinbajo released a statement defending the economy.
The vice president said, “The inflation rate remains high but the good news is that the month-on-month rate of increase has fallen continuously over the past three months.
“Unemployment remains stubbornly high which is usually the case during growth slowdowns and for reasons of a structural nature.
“The picture that emerges is that the areas given priority by the Federal Government are beginning to respond with understandable time lags to policy initiatives.
“Indeed, as the emphasis on capital expenditure begins to yield results and the investment/GDP numbers increase, the growth rate of the Nigerian economy is likely to improve further.
“As these trends continue, the outlook for the rest of the year is that the Nigerian economy will beat the IMF prediction of -1.8% for the full year 2016.
“What is more, it is likely the second half will be better than the first half of 2016.
“This is because many of the challenges faced in the first half either no longer exist or have eased,” Yemi Osinbajo said.