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
Fire destroys 10 shops in Gusau shopping complex
Fire destroys 10 shops in Gusau shopping complex
By: Zagazola Makama
A fire outbreak has destroyed ten shops at a shopping complex in Garejin Mai Lena area of Gusau Local Government Area, Zamfara State.
Sources said the incident occurred at about 2:00 a.m. on Thursday, causing extensive property losses valued at millions of naira.
The blaze was brought under control through a joint effort by security operatives and local residents who assisted in putting out the fire.
Authorities confirmed that no lives were lost and no injuries were reported during the incident.
The cause of the fire is currently under investigation as efforts continue to assess the full extent of the damage.
Fire destroys 10 shops in Gusau shopping complex
News
Boko Haram: The worse days are over….Zulum
Boko Haram: The worse days are over….Zulum
By: Bodunrin Kayode
Borno state Governor Prof Babagana Zulum has assured citizens of the state that the worse days of insurgency are over.
In a state wide broadcast as soon as he arrived from his visit to Saudi Arabia, the Governor extinguished any iota of fear in the minds of the residents adding that they should not loose hope now that a ray of hope is waiting for them at the end of the tunnel.
He noted that what residents are witnessing now is the results of the rattling of the criminals in the Timbuktu triangle which is why they are unleashing such wickedness on the citizenry.
“However, I want to reassure you that the worst days are over. We have been constantly assessing the situation, and a robust, coordinated response is already in motion.
” These cowardly elements who seek to disturb our peace will obtain no sanctuary in Borno State. We will deal decisively with their recent resurgence.
“Fellow citizens, this fight is not the responsibility of the military alone; it is a collective effort. I must emphasise the importance of cordial, close collaboration with our military.
“They are here to protect us, and they need our eyes and our ears. I extend my deepest sympathies to the families of our gallant soldiers, security personnel and our volunteer forces who have sacrificed their lives in the line of duty. My heart also goes out to every civilian whose life has been disrupted by this situation. Your resilience is the bedrock of our state, and the power of prayer in unison is a weapon no enemy can withstand.
“Furthermore, let me issue a stern warning to any individual or group that aids or collaborates with these criminals. To those who feed them with information, shelter them and their sympathisers, and provide logistical support, your time is up. You are not patriots; you are enemies of the state. You will be hunted down and made to face the full wrath of the law. Your actions betray our collective peace, and we will no longer tolerate them.”
Said Zulum.
Below is the full text of the governor’s broadcast to the state:
STATEWIDE BROADCAST BY THE EXECUTIVE GOVERNOR OF BORNO STATE, PROFESSOR BABAGANA UMARA ZULUM, ON THURSDAY, 19TH MARCH 2026
My dear good people of Borno State,
I address you today at a moment that requires both our solemn reflection and our resolute unity.
Fellow citizens, the recent resurgence of insecurity in parts of our dear state over the past few weeks is deeply concerning. As the Chief Security Officer, let me assure you that the overall security environment, while tested, remains under control, and we are doing everything possible to protect lives and property.
Over the past seven years, we have worked tirelessly to restore peace and prosperity to the great land and rebuild our state. Within the period, we have responded with prompt, positive actions on every occasion. We have not allowed the dark dreams of the wayward ones to take root, and instead, we have fostered hope and resilience among the communities affected by the conflict. Through a combination of consultations and collective planning, with the strong support of our security agencies and the civilian JTF, the Almighty Allah (SWT) has helped us achieve some measure of success and peace.
We do not believe that the decrease in past attacks signals the end of the insurgency. No, it is not. In fact, at the leadership level, we are very conscious of the fact that much more needs to be done to permanently address the root of this madness and the menace of illogical attacks among our peace-loving people.
The recent spike in activity by these criminal elements is a direct consequence of the sustained and aggressive military operations being conducted across the theatre. These operations have dislodged the criminals, forcing them to flee and seek respite by infiltrating our communities.
However, I want to reassure you that the worst days are over. We have been constantly assessing the situation, and a robust, coordinated response is already in motion. These cowardly elements who seek to disturb our peace will obtain no sanctuary in Borno State. We will deal decisively with their recent resurgence.
Fellow citizens, this fight is not the responsibility of the military alone; it is a collective effort. I must emphasise the importance of cordial, close collaboration with our military. They are here to protect us, and they need our eyes and our ears. I extend my deepest sympathies to the families of our gallant soldiers, security personnel and our volunteer forces who have sacrificed their lives in the line of duty. My heart also goes out to every civilian whose life has been disrupted by this situation. Your resilience is the bedrock of our state, and the power of prayer in unison is a weapon no enemy can withstand.
Furthermore, let me issue a stern warning to any individual or group that aids or collaborates with these criminals. To those who feed them with information, shelter them and their sympathisers, and provide logistical support, your time is up. You are not patriots; you are enemies of the state. You will be hunted down and made to face the full wrath of the law. Your actions betray our collective peace, and we will no longer tolerate them.
Let me at this juncture commend the President and Commander-in-Chief, Bola Ahmed Tinubu GCFR, for releasing the necessary funding to the Multi-National Joint Task Force (MNJT) and several other military operations across different theatres in Nigeria. This support is vital to the sustainability of the ongoing military operations.
I also wish to extend my appreciation to the Vice President, Senator Kashim Shettima, who represented the President for the sympathy visit over the recent unfortunate incident.
I also want to extend our profound gratitude to the gallant men and women of the Nigerian Armed Forces, the Nigerian Police Force, the Department of State Services (DSS), the Nigerian Security and Civil Defence Corps (NSCDC), other law enforcement agencies, our dedicated CJTF, hunters, and vigilantees. Your professionalism, bravery, and sacrifices are the only reasons we have a state to return to. The nation owes you a tremendous debt that can never be fully repaid.
To our revered traditional rulers, I appreciate your steadfastness and your role as the custodians of our culture and conscience. I am equally grateful to our religious leaders and the entire people of Borno for their relentless prayers. I want to urge my colleagues in the political class to unite and support our efforts to restore peace. Our people look up to us for leadership, not division.
My dear people, as the political season intensifies, tensions may rise. But we must align our political interests with the stark realities of our security situation, including ongoing threats from insurgent groups and the need for community stability. Let us not allow politics to undermine the hard-earned peace we have built. I therefore call on all aspirants and their supporters to prioritise the greater interests of Borno State above their personal ambitions.
Since assuming office in 2019, I have been fair, just, and inclusive in my dealings with the entire political class. My loyalty to His Excellency, the Vice President, need not be overemphasized.
Furthermore, as a leader, I have embraced all and sundry. I have never betrayed the trust of members of the national and state assemblies, as well as political office holders of Borno extraction, at the state or national level.
Therefore, I want to call on all political actors to be wary of elements seeking to exploit the current situation to create unnecessary political instability.
As we look to the future and choose a new leader for our state, I urge all citizens to pray fervently for a worthy successor. Let me remind us that power belongs to Allah and He grants it to whom He wills.
As we approach the end of Ramadan, I call on all residents, both Christians and Muslims, to use this last hour of fasting and Sallah celebration to intensify prayers for peace, unity, and stability in our state and the country at large.
Consequently, let me use this opportunity to encourage citizens of Borno to be more vigilant. As we gather to break our fast toward the end of 2026 Ramadan, let us pay attention to our environment. Let us identify strangers, report suspicious movements to security agencies, and take the necessary precautions.
Once again, and with all the emphasis I can command, I urge you all to remain calm and observe your Eid prayers within your communities.
In conclusion, I seek your understanding and forgiveness for our wrongdoings and reassure you that Borno shall not fall into the hands of Boko Haram insurgents, insha Allah.
May God bless the Federal Republic of Nigeria and the people of Borno State.
Thank you and God Bless You
Boko Haram: The worse days are over….Zulum
News
Eid-el-Fitr: Senator Araraume Greets Muslims, Commends President Tinubu’s Leadership
Eid-el-Fitr: Senator Araraume Greets Muslims, Commends President Tinubu’s Leadership
By: Michael Mike
Senator Ifeanyi Araraume, a prominent chieftain of the All Progressives Congress (APC), has extended warm felicitations to Muslims in Nigeria and across the globe on the joyous occasion of Eid-el-Fitr.
In a statement to mark the end of Ramadan, Araraume highlighted the significance of the month long period of spiritual reflection, fasting, and devotion. “As Muslims gather with loved ones to share in the festivities, I join in the cheer, wishing everyone a blessed and peaceful Eid,” he said.
The Senator expressed profound appreciation to Muslim Nigerians for their contributions to the nation’s growth, describing their faith, resilience, and patriotism as beacons of hope. “Your unwavering commitment to Nigeria’s progress is truly commendable,” he stated.
As the country navigates its current challenges, Araraume called for unity, understanding, and collective effort. “Let us embrace the spirit of Eid, forgiveness, generosity, and kindness, to build a brighter future for ourselves and generations to come,” he urged.
Araraume also extended solidarity to President Bola Tinubu, a distinguished Muslim and the leader of APC, praising his visionary leadership and dedication to nation building. “President Tinubu’s commitment to serving Nigeria has been exemplary, and we assure him of our continued support,” he said.
Reaffirming the APC’s commitment to national prosperity, Araraume emphasized that the values of compassion, unity, and progress embodied by Eid align deeply with the party’s ethos. “As we mark this occasion, we reaffirm our dedication to creating a Nigeria where faith and ethnic background are not barriers to success,” he concluded.
Eid-el-Fitr: Senator Araraume Greets Muslims, Commends President Tinubu’s Leadership
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