The statement was made by Minister of Budget and National Planning, Senator Udo Udoma while speaking to journalists on Thursday, July 21, 2016.
The Federal Government has said that Nigeria’s economy will improve in 2017.
“Recession is basically when you have two quarters of negative growth. We had a first quarter of negative growth and we are still waiting to get all the figures for the second quarter which has just ended in June,” Udoma said.
“The National Bureau of Statistics will be giving us all the figures but if as we suspect, the second quarter is also negative, then of course technically you could say that we are in recession if those figures turned out to be so.
“But even if we are not, the situation in the economy right now is one that of course we are addressing,” he added.
Udoma also admitted that 2016 was a tough year for the country.