Latest news with #economicreforms
RNZ News
17 hours ago
- Business
- RNZ News
Two former finance ministers receive King's Birthday Honours
Former National MP Ruth Richardson. Photo: Supplied Two former finance ministers have been appointed Companions of the New Zealand Order of Merit at this year's King's Birthday Honours. Ruth Richardson and Steven Joyce, both former National MPs, have been honoured for their services as Members of Parliament. Three other former MPs - Ian McKelvie, Anae Arthur Anae, and Dover Samuels - have also received Honours. Richardson was well aware that an interview about her King's Birthday Honour would include questions on her time as finance minister. The economic reforms she oversaw - and the 1991 'Mother of All Budgets' - made significant changes to social welfare and public services, the effects of which are still felt by many. Richardson started by saying in 1991 New Zealand was at huge risk, and was drowning in a sea of debt and perpetual forecast deficits. "Early and decisive course correction was imperative. I didn't flinch in my duty as minister of finance," she said. Richardson said her Budgets proved to be circuit breakers, resulting in a lift in growth and employment, a reduction in public debt, and the books going back to black. Receiving the call she would be appointed a CNZM felt like a "seal of approval" for her work, she said. "I have always worn those reforms that I championed as a badge of honour, and the restoration of New Zealand's fortunes made it worth it. So I guess this award thirty years down the track is a recognition of that work." Anticipating a question that her critics may be surprised to see her receive an Honour, she told them to look at the evidence. "Look at where we were. Look at the risk that we faced, look how vulnerable we were, and then look at the result. And the reward for those reforms was on multiple fronts. "New Zealand was given a second chance, as it were, we were out of the valley of financial death, and we put ourselves on a sound footing as a result of those reforms." Most of Richardson's Cabinet colleagues have already received Honours in the intervening years. She said it was not for her to answer as to why she had not until now. The recognition was also bittersweet, with Richardson recently experiencing a bereavement. "It's been a miserable May, so this is putting June on a good footing," she said. Steven Joyce said he was "genuinely surprised" to be appointed a CNZM. "I really see it as an acknowledgement of the team that I worked with in Parliament, and in the ministries, and also my family. They gave up a lot for this period, it was 10 very intense years, so it's as much recognition for them, I think, as it is for me," he said. Steven Joyce Photo: RNZ / Rebekah Parsons-King Joyce, who gained a reputation as National's 'Mr Fix-It,' served as minister for transport, economic development, communications, and tertiary education during his time in government. "There's a few things that I'm proud to have been involved with. The ultra-fast broadband, setting that up was a real high point early on. The Roads of National Significance, it's still a thrill to drive on the Waikato Expressway, and through the Waterview Tunnel. I bore my children silly reminding them that Dad had a bit to do with that," he said. "And some of the economic growth programme that I led under John [Key] and Bill [English] during that time, it was a real thrill to be able to do that. I saw it as sort of an opportunity to bring the various sort of micro-economic policies together and get them working in a cohesive way. I think we managed that, and subsequent events have shown it's not as easy as it looks." When Sir Bill English replaced Sir John Key as prime minister, Joyce stepped up as finance minister. He would only get to deliver one Budget, before leaving Parliament in 2018. His replacement from the National party list, Nicola Willis, has just delivered her second Budget. Joyce said it was a hard job, and one he did not have any FOMO over. "Every challenging time is more real, the closer you are to it. We're in the middle of it right now, but the GFC and the Canterbury earthquakes coming close together were pretty big for our government. I worked very closely with Bill through that period, so I do understand the pressures and challenges that arise, and the hundreds of things you're trying to balance." Since leaving Parliament, Joyce has continued to write columns, which he described as his "post-political therapy". He said the old Kitchen Cabinet gets together from time to time, particularly the 2008-2011 team, and hoped they would get to do so again soon. Former National MPs Ian McKelvie and Anae Arthur Anae have been made Members of the New Zealand Order of Merit. McKelvie has been appointed the MNZM for services to local government, governance, and as a Member of Parliament. Ian McKelvie Photo: RNZ / Angus Dreaver The former Manawatū mayor, who was also MP for Rangitīkei between 2011 and 2023, credited those around him for the accolade. "I think it's a reflection of a lot of people have been very good to me along the way. And I've had some amazing helpers in my life... from my MP days, my agricultural and pastoral days, right through I've had some amazing people looking after me," he said. McKelvie is currently a community advisor at the University College of Learning. He has also spent his time post-politics farming and fixing buildings. "I'm slowly finding some other things to do, because I thought I was going to do nothing but doing nothing's not an option for me. I'm finding some little jobs to do, and I keep quite busy," he said. He has also had some time to do some travelling around New Zealand. "We've got a little motorhome we pot around in, and we get around the country a bit. We've spent a bit of time in the South Island, so we've had some very nice looking at things that we wouldn't have otherwise looked at, and stayed with some friends that we would otherwise not have." He is still chair of a body corporate in Wellington and so sees his old colleagues from time to time. But he has no regrets on his decision to retire from Parliament just as National re-entered government. "I wouldn't want to be doing the work that some of them are having to do now. It looks very busy to me!" Anae Arthur Anae served two stints as a MP, from 1996 to 1999 and from 2000 to 2002, and has been appointed a MNZM for services to the Samoan community. Anae said he was surprised upon hearing the news of his honour, but was thrilled on behalf of his community. "Something like this doesn't belong to me, it belongs to them. I was just the vehicle doing a particular job." Anae Arthur Anae. Photo: RNZ / Cole Eastham-Farrelly Anae suspected his work on advocating for the Citizenship Western Samoa Restoration Amendment Bill was a key factor in receiving the honour. The law change, which allows for a pathway for certain individuals whose New Zealand citizenship was removed under a 1982 Act to apply for it, passed in November last year. Anae said he had worked on getting the legislation over the line for about 27 years. "After a long battle, people saw the light of where it went." The law change was tinged with some sadness for Anae, as many of the elderly people he had marched with when protesting for recognition were no longer alive to see the outcome. Despite the King's Birthday honour, Anae said he would not stop fighting for Pacific communities, including for Pacific people to be able to travel to New Zealand without a visitor's visa. "I'm not asking here, I'm demanding the Pacific people be treated the same way. "New Zealand is our second home. This is where our families live. We've played a big role in the development of New Zealand." In regards to the honour, Anae said he had never considered receiving one. At this stage he said, he was only interested in one thing: "To fix the wrongs that have been done to the Pacific community for too long. It is time New Zealand recognises who we are. We're people who can do anything, and can prove we can do anything in this country. Don't keep treating us as third rate citizens. I won't accept it." Dover Samuels, a kaumatua from Ngāpuhi, said upon being notified he was receiving the Honour, he reflected on meeting King Charles at Waitangi. Samuels was asked by the then-Prince of Wales how he was, and responded by saying "jolly good old chap!" "I think he got a bit of a buzz out of that," Samuels laughed, adding when he got the call to tell him he would be receiving an Honour that Charles had remembered his name. Dover Samuels. Photo: Aotearoa Media Collective He admitted he initially thought he was being scammed when he first received the phone call. After the second call, he investigated by ringing Parliament, who confirmed they had been trying to talk to him. "I thought they might have been wanting to talk to Hone Harawira!" Samuels, a Labour MP from 1996 to 2008, who served a stint as Māori Affairs minister and held a number of associate minister roles, has been made a Companion of the King's Service Order for services as a Member of Parliament. He said he had to reflect on why he had been honoured. "I think that I've tried my best in Parliament to do the job on behalf of my people, and addressing the real problems." One of the fifth Labour government's Māori policy mantras was "closing the gaps," Samuels said. However, he did not think that had been achieved, and the gaps had got wider since then. Looking back at the negative statistics that continued to haunt Māori had made him want to think again, he said. "I'm convinced now, the negative statistics that have been haunting us will keep haunting us, until we recognise that the answer is in our own hands. "The answer is in the hands of your own whānau, your own matua. Yeah, that's where it must begin." Samuels also lamented the fact there was still no Treaty settlement for Ngāpuhi. He said the opportunity for a settlement was "in our own hands", and wanted Ngāpuhi to consider the "loss of opportunity from generations that are not yet born, and for our mokopuna that could have benefited from a settlement from the biggest iwi in Aotearoa." He wanted Ngāpuhi to harness its talent and ability, and said if a settlement was achieved during his lifetime, and he had contributed to it, "then I would have done my share." 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News24
3 days ago
- Business
- News24
Nigeria's Tinubu touts economy amid cost-of-living anger
Nigerian President Bola Tinubu defended a series of economic reforms enacted by his government in an address on Thursday. 'Our economic reforms are working. We are on course to building a greater, more economically stable nation,' Tinubu said in the remarks marking his second anniversary in office. After coming into power, Tinubu's administration has twice devalued the country currency, the naira, and slashed electricity and petrol price subsidies. Nigeria is Africa's largest crude oil producer. 'We have made undeniable progress' 'Despite the bump in the cost of living, we have made undeniable progress,' Tinubu said. 'We have stabilised our economy and are now better positioned for growth and prepared to withstand global shocks.' Although the World Bank has warned that Nigeria continues to face high inflation, the Washington-based financial institution recently said Nigeria witnessed its highest economic growth in 10 years amid Tinubu's reforms. Since Tinubu introduced the economic reforms, inflation in Nigeria has soared to rates of over 23%. High fuel prices, food inflation and rising electricity costs have frustrated working Nigerians and sparked a cost-of-living crisis. The fury over high consumer prices has led Nigerians to take to the streets across the country this and last year. Some protests have even turned violent as demonstrators clash with security forces, leaving people dead. The Nigerian government has arrested protesters and charged some of them with treason, a crime that can come with the death penalty. In his second anniversary address, Tinubu also claimed that security has improved in Nigeria, saying military forces are deterring threats from armed groups. Nigeria has witnessed attacks and kidnappings not only from jihadi groups such as Boko Haram but also bandits who sack villages. Tinubu's statement comes after human rights watchdog Amnesty International said at least 10 217 people have been killed in Nigeria by jihadis and armed groups in the two years since he has taken office. Tinubu critics denounce government 'failure' Nigerian politician and journalist Omoyele Sowore criticised Tinubu's second anniversary address, accusing Tinubu on X of ending the 'petrol subsidy for people with low incomes' while subsidising 'corrupt government officials and lawmakers'. Today marks Asiwaju Bola Ahmed Tinubu's second year in office as 'President.' A man who took two years to construct only 30 kilometers of highway on his signature 700 km Lagos-Calabar highway project is FAILURE. A man who met the other exchange rate at N400 and pushed it to… — Omoyele Sowore (@YeleSowore) May 29, 2025 Sowore also said Tinubu's government let the Boko Haram jihadi group move from Nigeria's northeastern states of Borno and Yobe down south into the north-central state of Kogi. 'A man who met Boko Haram in Borno and Yobe but let them move down south to Kogi is a failure,' Sowore, who ran as a presidential candidate in the 2023 Nigerian election, said.
BBC News
4 days ago
- Business
- BBC News
Bola Tinubu says life in Nigeria is getting better
President Bola Tinubu has told Nigerians that the worst is behind them and that the country is getting better, in a speech to mark the end of his second year in through his term, Tinubu acknowledged the pain his reforms had unleashed, adding that he did not take the patience of Nigerians for granted."Today, I proudly affirm that our economic reforms are working. We are on course to building a greater, more economically stable nation," he the day he took office in May 2023, he announced the end of a long-standing fuel subsidy - a move that caused a huge surge in prices, leaving many Nigerians unable to buy enough food to eat. Tinubu said: 'Despite the bump in the cost of living, we have made undeniable progress. Inflation has begun to ease, with rice prices and other staples declining," he was 24% last month, according to the official figures, compared to 22% when he took is an improvement from this time last year when it stood at 34%. Weeks later Nigerians took to the streets in a nationwide protest that left several people dead.A fall in the rate of inflation does not mean that prices are falling - just that they are rising at a slower rate than Nigeria's careful ethnic balancing act be under threat?The World Bank predicts that Nigeria's total output, or GDP, will grow by 4% this year - a faster rate than the 3% when Tinubu took unemployment remains a major concern, with many graduates still complaining about not being able to find president said he had little choice about removing the subsidy, saying the huge cost was a "chokehold on our nation's neck, strangling our nation's future", while allowing corruption to his inauguration and under what he called a "Renewed Hope Agenda", Tinubu pledged to tackle economic instability, improve security nationwide, reduce corruption, reform governance, and lift Nigerians out of affairs analyst professor Adeosun Olufemi told the BBC he feels the president has made positive gains in some areas, adding that the governors of Nigeria's 36 states should take the blame for some of the problems over the past two years."After the president announced fuel subsidy removal, money allocated to state governors increased heavily but what have they done with it?" he president, 73, won the bruising 2023 election with 37% of the vote – defeating former Vice-President Atiku Abubakar and former governor Peter Obi in a three-way is massive speculation that some of the major political parties could form a coalition ahead of the next election in 2027 to challenge Tinubu, who is expected to seek a second term. More BBC stories about Nigeria: Nigeria's fierce political rivals share joke at pope's inaugural mass'I scarred my six children by using skin-lightening creams'Blank questions, power cuts and a suicide: Nigeria's exams fiasco Go to for more news from the African us on Twitter @BBCAfrica, on Facebook at BBC Africa or on Instagram at bbcafrica
Zawya
4 days ago
- Business
- Zawya
Nigeria's Tinubu touts economic gains at mid-term but inflation and insecurity persist
Nigerian President Bola Tinubu on Wednesday marked his second anniversary in office by declaring that his economic reforms were working, but international bodies have warned of persistent economic and security problems. Since 2023, Tinubu's policies - the removal of a costly petrol price subsidy, cuts to electricity price subsidies, and two currency devaluations - have triggered the worst cost-of-living crisis in a generation, fuelled by inflation rates of more than 23%. "Our economic reforms are working. We are on course to building a greater, more economically stable nation," Tinubu said in an anniversary statement. He said the measures were needed to avert a severe fiscal crisis that would have led to "runaway inflation, external debt default, and a plunging Naira and an economy in a free-fall." Tinubu said the fiscal deficit has narrowed sharply to 3.0% of GDP in 2024 from 5.4% in 2023, supported by improved government revenue generation. He claimed inflation had begun to ease, but this is largely because the index was rebased for the first time in more than a decade. The World Bank has said that Nigeria's fiscal position has improved in recent months, but warned that persistently high inflation remains a challenge. Tinubu said security has improved, claiming banditry in Nigeria's northwest has been curbed, highways are safer, and farmers are "back tilling the land". But attacks and kidnappings persist, and insecurity continues across various regions. Amnesty International said in a report on Thursday that at least 10,217 people have been killed in attacks by gunmen in the two years since Tinubu took office. His ruling All Progressives Congress (APC) party has endorsed him to run for a second and final term in the next election, due in early 2027. (Additional reporting by Camillus Eboh in Abuja; writing by Elisha Bala-Gbogbo; editing by Giles Elgood)
Zawya
4 days ago
- Business
- Zawya
Nigeria: Tinubu declares economic reforms working
• Says only alternative to reforms was fiscal collapse • Reaffirms commitment to security, national development • Highlights progress made amid rising cost of living President Bola Tinubu, in a nationwide broadcast to mark his second year in office on Thursday, declared that the economic reforms implemented by his administration have begun yielding positive results. The President stated that Nigeria is 'on course to building a greater, more economically stable nation,' despite acknowledged difficulties faced by citizens due to the reform process. In a wide-ranging address from Lagos, President Tinubu reflected on his administration's achievements and laid out his vision for continued national renewal under the 'Renewed Hope Agenda.' President Tinubu reaffirmed that the removal of fuel subsidies and the unification of the foreign exchange market were critical first steps taken to save Nigeria from a looming fiscal disaster. 'It was apparent that if the federal government and the other two tiers of government must remain viable and cater to the citizens' welfare, we must do away with decades-long fuel subsidies and the corruption-ridden multiple foreign exchange windows,' he said. According to him, these painful yet necessary decisions have started bearing fruit. He cited a sharp drop in the fiscal deficit – from 5.4% of GDP in 2023 to 3.0% in 2024 – alongside improvements in foreign reserves, which rose from $4 billion in 2023 to over $23 billion by the end of 2024. Tinubu warned that inaction would have led Nigeria to a financial abyss. 'The only alternative to the reforms our administration initiated was a fiscal crisis that would have bred runaway inflation, external debt default, crippling fuel shortages, a plunging Naira, and an economy in a free-fall,' he said. To avert such a scenario, the administration ended Ways and Means financing and repositioned the Nigerian National Petroleum Company (NNPC) as a net contributor to the Federation Account through local refining and subsidy removal. Acknowledging the hardship triggered by inflation, Tinubu noted that food prices, particularly rice, had begun to decline, signalling relief. He pointed to a recovering oil and gas sector – with rig counts up over 400% in 2025 compared to 2021 – and over $8 billion in new investments. Other macroeconomic gains include a rise in real GDP growth (4.6% in Q4 2024), narrowing debt service-to-revenue ratios, and the elimination of opaque tax waivers in favour of targeted incentives for agriculture, manufacturing, and technology. Tinubu touted the administration's tax reform drive, which lifted Nigeria's tax-to-GDP ratio from 10% to 13.5% in one year. He said the new framework prioritises fairness and economic justice: 'Essential goods and services such as food, education, and healthcare now attract 0% VAT, while rent, public transportation, and renewable energy are fully exempted.' A Tax Ombudsman will soon be introduced to protect small businesses and vulnerable taxpayers, while a new fiscal policy framework will guide responsible borrowing and disciplined spending. The President highlighted investments in healthcare and education as pillars of his national development strategy. Over 1,000 primary health centres are being revitalised, with 5,500 more undergoing upgrades. He also announced that six cancer treatment centres are being established, with three already operational. On education, Tinubu cited progress in infrastructure and the student loan scheme to support indigent students. Social investments, skill development, and empowerment programmes have also expanded youth access to economic opportunities. The President noted revitalisation in the solid minerals sector, driven by a shift from 'pit-to-port' extraction to value-added production. He praised the National Agency for Science and Engineering Infrastructure (NASENI) for setting governance benchmarks and driving digital-first industrialisation, citing the launch of electric vehicle assembly lines and Africa's most advanced diagnostic kit factory. Initiatives such as Innovate Naija, Irrigate Nigeria, and the NASCAV drone programme for female engineers are positioning young Nigerians at the forefront of national transformation, he said. Turning to national security, Tinubu stressed that without safety, economic growth cannot be sustained. 'Every Nigerian deserves to live without fear,' he stated, affirming his administration's commitment to securing lives and property. He credited improved interagency cooperation and intelligence operations for recent gains in the fight against banditry in the northwest, where previously abandoned farms are now back in use and highways safer. 'Our military, police, and intelligence agencies are committed to responding to emerging threats,' Tinubu said. President Tinubu reiterated the government's commitment to food security, noting investments in mechanised farming, fertiliser supply, and thousands of tractors for farmers. He also listed ongoing road infrastructure projects nationwide, including the Lagos-Calabar Coastal Highway, Second Niger Bridge access roads, and the Abuja-Kaduna-Zaria-Kano dual carriageway, among others. In the energy sector, the administration is upgrading transmission infrastructure and expanding off-grid solar energy to power homes, schools, and businesses. The President announced Nigeria's readiness to host the inaugural Motherland Festival, aimed at celebrating the nation's culture, creativity, and tourism potential. He said the event would attract global attention and affirm Nigeria's leadership role in Africa and its place as a global partner. He also acknowledged the strategic importance of the Nigerian diaspora, highlighting policies such as the diaspora bond and non-resident BVN to facilitate greater participation in national development. President Tinubu closed his address with a note of optimism, declaring, 'By the Grace of God, we are confident that the worst is behind us. The real impact of our governance objectives is beginning to take hold.' He called on citizens to remain united, assuring them that the government is committed to a stronger, more inclusive Nigeria where prosperity is broadly shared and future generations can thrive. Copyright © 2022 Nigerian Tribune Provided by SyndiGate Media Inc. (
