News
ActionAid Advocates for Windfall Tax on ‘Climate Wrecking’ FirmsSays Over US$420 billion in Windfall Profits Made in 24 months by 36 Top Fossil Fuel, Financial Firms
ActionAid Advocates for Windfall Tax on ‘Climate Wrecking’ Firms
Says Over US$420 billion in Windfall Profits Made in 24 months by 36 Top Fossil Fuel, Financial Firms
By: Michael Mike
ActionAid International has advocated for massive imposition of windfall tax on fossil fuel companies including financial institutions, lamenting that ‘climate-wrecking’ firms make billions in ‘surplus profits’ and should be made to pay to ameliorate the harms done.
ActionAid in a statement on Wednesday said a report it conducted has shown that 36 top companies in the fossil fuels and financial sector, often funding fossil fuel use, made over US$420 billion in windfall profits in the 24 months preceding July 2023.
It stated that a tax of 90% on these windfall profits could generate as much as US$382 billion in revenue, an amount that could be spent on public services such as education, or climate action, calling for urgent introduction of windfall profits taxes.
The statement read: “Thirty-six top companies in the fossil fuel industry and their funders made over US$420 billion in
‘surplus’ profits in the 24 months before July 2023, shows a new ActionAid report.
The report shows that taxing these extraordinary profits, referred to as windfall profits, could generate funds to boost public spending, especially for key areas such as education and climate action.
“Windfall profits are often attributed to external context changes and are considered a ‘surplus’ above the regular and expected profits.
“A tax of 90% on the windfall profits of these 36 firms could generate as much as US$382 billion in revenue, shows the report launched as world leaders meet at Davos for the World Economic Forum. This amount is almost 20 times more than the US$21 billion provided by donors for climate adaptation in 2021.”
ActionAid Secretary-General Arthur Larok said: “The scale of profits that fossil fuel companies and their bankers are making in the wake of global crises is truly astounding, especially when compared to the hardships that these crises have brought upon regular people around the world,” insisting that: “Windfall profits taxes make sense. They can bring in significant revenue for climate action and social services, while taxing only the extraordinary corporate profits.”
According to the statement, ActionAid’s research is an analysis of the profits of the top 14 fossil fuel companies and top 22 financial corporations by value on the stock market. In the 24 months to July 2023, these firms made US$1,218 billion in profits. Windfall profits from this amount comes to US$425 billion.
It added that fossil fuel company profits in the 12 months before July 2023 were up by an astounding 278% compared to the average in the period between 2017/2018 and 2020/2021
It noted that both the fossil fuel and the financial industries have been making extraordinary profits in recent years, widely attributed to the impact of Russia’s full-scale invasion of Ukraine, and high interest rates adopted by many countries in response to growing inflation, stressing that: “ActionAid’s research in 2023 found that banks alone have poured over US$3.2 trillion into fossil fuels in the Global South since the Paris Agreement was adopted in 2015, making them complicit in climate damage.”
The statement recalled that at COP27, United Nations Secretary-General Antonio Guterres asked governments to tax the windfall profits of fossil fuel companies and redirect that money to those impacted by climate change, lamenting that over a year later, only some EU Member States, the UK, and a few Latin American countries, have introduced some forms of temporary and often limited windfall taxes on fossil fuel companies.
ActionAid Advocates for Windfall Tax on ‘Climate Wrecking’ Firms
Says Over US$420 billion in Windfall Profits Made in 24 months by 36 Top Fossil Fuel, Financial Firms
News
I Am Pained Over Loss of Lives in Maitama, Okija Stampedes, says Women Affairs Minister
I Am Pained Over Loss of Lives in Maitama, Okija Stampedes, says Women Affairs Minister
*says incidences avoidable
By: Michael Mike
Minister of Women Affairs, Hajiya Imaan Sulaiman-Ibrahim, has lamented the losses of lives in Maitama, Abuja and at Okija, in Anambra State during food distribution drives by private institutions aimed at supporting the people as they celebrate the festive season.
The minister expressed deep grief describing the gestures of the donors as laudable, but condemned the crowd management approaches adopted.
In a statement on Saturday by her media team, Sulaiman-Ibrahim stated that they were avoidable incidences, and prayed for the repose of their lives, and speedy recovery for those injured.
While condoling with with the FCT Minister, His Excellency Nyesom Wike and the Anambra State Governor, Professor Charles Soludo, the minister called for thorough investigations into the incidences in order to forestall future occurrences.
The minister emphasized the need for crowd assessment which involves estimating the number of recipients and planning accordingly as a pre-event measure.
She also admonished Nigerians who are planning similar distributions to choose spacious, open areas with minimal obstacles, adding that distributions should be scheduled at a time when the crowd is likely to be smaller.
The statement reads in parts : “I am deeply pained by the news of stampedes in Abuja and Okija in Anambra State today. As a mother, I understand the pain of loosing anyone in death under such horrible circumstances. I join the families and governments of the FCT and Anambra State in this distressing moments, and feels the pains of those directly affected.
“These incidences are avoidable if adequate safety measures are put in place. I hereby call on security agencies to investigate these cases in order to forestall future occurrences.
“By implementing the above measures, the risk of stampedes during food distribution would be minimized.
I Am Pained Over Loss of Lives in Maitama, Okija Stampedes, says Women Affairs Minister
News
Christmas: Gov Zulum Provides Free Transport To 710 Borno Non Indigenes
Christmas: Gov Zulum Provides Free Transport To 710 Borno Non Indigenes
By Francis Okoye
Borno State Governor, Babagana Umara Zulum has provided free transport to 710 non Indigenes living in the State to enable them travel home to celebrate the Christmas and the new year with their loved ones .
The free transport scheme which was flagg-off on Saturday at the Borno Express Bus Terminus saw about 285 persons traveling to the various parts of the country, of which the second batch of 285 would travel on Sunday, while the remaining ones would be leaving the State on Monday.
Speaking during the flagging off, the Chairman/ Zonal Coordinator Ohaneze All Progressives Congress ( APC ) support group, Chief Ugochukwu Egwidike , said each of the 710 travellers apart from the free transport scheme would receive a cash sum of N50,000, while about 250 widows who did not travel would be given N50,000 each to celebrate the Christmas.
Egwudike added that Governor Zulum has made significant strides in providing succour to the needy with various initiatives aimed at alleviating poverty and promoting social welfare, like very subsidised transportation services within Maiduguri metropolitan council, as well as sponsoring many Christians to Jerusalem for pilgrimage.
” Apart from enhanced reduced transportation in city, Governor Zulum’s administration has been offering free transport scheme for all the non Indigenes in every yulitide season like this to connect any part of the six geopolitical zones of Nigeria, with a total of 710 beneficiaries reached annually, thus bridging the gap in mobility and connectivity, and promoting economic growth and development.
“He provided emergency aid and resources to the non Indigenes affected by the recent flood incident in the State and thus showcased his ability to respond to crisis and prioritise the wellbeing of all residents. The Governor has been providing this free transport scheme to non Indigenes from 2020 to date, ” Egwudike said.
He said the Governor’s gestures demonstrate his dedication to creating a more just and equitable society where all the residents regardless of the their ethnic, religious and party affiliation, have access to resources and opportunities they need to thrive.
The Oba of Yorubas in Borno State, Alhaji Hassan Alao Yusuf who witnessed the flagging off ceremony in company of other leaders, appreciated Zulum for the gesture ,saying that the transport scheme to the non Indigenes has depicted the detribalised nature of the Governor.
” He doesn’t care about your religion, tribe or party affiliation. You can see that everyone of the travellers are happy with the Governor’s gestures. Many of them due to the present economic hardship wouldn’t have made the journey to go home and celebrate with their loved ones if not for the free transport scheme,” said Alhaji Yusuf.
In the same vein, a member of the board of trustees of Igbo Welfare Association/ Ohanaeze Ndigbo, Borno State, Pharm Napoleon Egbonu , commended Governor Zulum for his continuous support to the non Indigenes in the State,
Pharm Egbonu noted that the gesture of the Governor to the non Indigenes in the State is a unifying factor that needed to to be emulated by other Governors in building a trust and unity among ethic groups across the country.
Also speaking, the General Manager, Borno Express Transport Corperation, Grema Zanna, appreciated Governor Zulum for the gesture, saying the what the Governor has done is part of his programme of alleviating the issue of high cost transportation to the residents of the State.
He noted that those that are benefiting from the free transport scheme notwithstanding being non Indigenes have been contributing to the economic development of the State, and are part and parcel of Borno State
Christmas: Gov Zulum Provides Free Transport To 710 Borno Non Indigenes
News
Buni explains achievements in 2024
Buni explains achievements in 2024
By: Yahaya Wakili
Yobe state Governor, Hon. Mai Mala Buni, CON, has said in 2024, our effort in the health sector led the Yobe state government to win 500,000 US dollars in the primary healthcare leadership challenge for states in the North-East sub-region.
We have achieved 100% payment of hazard allowances and adjustment of CONMESS and CONHESS salary scales to healthcare workers, recruited 311 new members of staff, including doctors, nurses, and other cadres, and ensured the continuation of our free dialysis program for kidney patients.
Governor Buni disclosed this while addressing journalists at the End-Of-Year 2024 Media briefing at Cedars Recreation Center Damaturu, the state capital.
The governor, who was represented by his ever-loyal deputy, Hon. Idi Barde Gubana Wazirin Fune, also said, apart from the achievements recorded in the education sector, such as the building of many model and mega schools, the award of scholarships to students undergoing various courses within and outside the country, ministries, departments, and the agencies (MDAs) legacies, which are not mentioned in the speech.
Idi Barde Gubana, who read the speech of the governor who was attending another very important meeting of the Northern Governor’s Forum in Kaduna, revealed that, “in the year under review, through robust and prudent management of score resources, we were able to turn around the fortunes of our people by making significant investments in education, agriculture, healthcare, and wealth and job creation, and road construction, among others.
In the recent Multi-Purpose Cash Assistance (MPCA) empowerment program we unveiled, a total of 52,997 households and 201,300 individuals were reached with a total sum of #3,907,387,056, while 456,205 other households with a total of 974,220 individuals were reached with food and non-food items support.
He said, “In the area of agriculture and food security, through our agricultural revitalization program, the sum of #15.3 billion was spent to provide farm implements and inputs to 5,340 farmers across the 178 wards of the state. The state government is also spending $1.7 billion in the procurement of assorted grains for our strategic grains reserve.
“Similarly, in the area of wealth creation, a lot was also achieved. These include the procurement of 475 modern sewing and embroidery machines, procurement and distribution of 350 disability tricycles, procurement of 712 nos. of cows and bulls to livestock farmers, provision of cash grants of #150,000 to 3,560 micro and small entrepreneurs across 178 wards of the state, and provision of cash support of #20,000 to 4,800 unemployed youths.
In addition, training of 85 youths on shoemaking and provision of start-up kits, distribution of 500 units of deep freezers to women in the ice-making business, procurement of 1,780 smoking stoves, 1,780 frying pans, 1,780 frying spoons, 1,780 sieving basins, and 1,780 bowls. Procurement of 100 units of pick-up tricycles for distribution to beneficiaries and the procurement and distribution of 340 work bulls, 170 ox-drawn carts, and 170 ox-drawn plows, among others.
In his welcome address, Yobe State Commissioner of Home Affairs, Information, and Culture, Hon. Abdullahi Bego, said this is the first time in as many years that His Excellency himself would avail us of the opportunity to address this kind of end-of-year gathering.
He said Yobe state, and indeed Nigeria as a whole, cannot thrive and make any meaningful progress without peace and security, and the participation of all citizens requires that the media always focus attention on what brings the people together rather than what sets them apart.
“I am confident that with your support, the Yobe state government under the charismatic and indefatigable leadership of His Excellency Governor Mai Mala Buni CON, in the months and years ahead, will continue to reach even more milestones and make an even bigger impact in the lives of the people of the state, he said.
“On behalf of the management and staff of the Ministry of Home Affairs, Information, and Culture, I want to express my deepest gratitude to His Excellency, Hon. Mai Mala Buni CON, Chiroman Gujba, ably represented by his ever-loyal deputy, Hon. Idi Barde Gubana Wazirin Fune, for sparing the time to address this distinguished gathering of our state’s press and media community.
Buni explains achievements in 2024
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