Connect with us

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

Published

on

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

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

News

NIMC Unveils WhatsApp, Live Chat Platforms to Revolutionise NIN Customer Support

Published

on

NIMC Unveils WhatsApp, Live Chat Platforms to Revolutionise NIN Customer Support

By: Michael Mike

The National Identity Management Commission (NIMC) has launched new WhatsApp and live chat support channels to improve customer service and ease access to National Identification Number (NIN) enquiries for Nigerians and legal residents.

In a statement issued on Monday, the Commission said the initiative forms part of its ongoing digital transformation and service reform agenda under the leadership of Director-General and Chief Executive Officer, Abisoye Coker-Odusote.

According to NIMC, the newly introduced platforms are designed to provide faster, more convenient and real-time support services to the public, while reducing the need for physical visits to its offices.

The Commission stated that users can now access support through the live chat feature on its official website, NIMC Official Website, as well as through its official WhatsApp support line at +234 701 566 6971.

NIMC noted that the move aligns with the Renewed Hope Agenda of President Bola Tinubu, which seeks to improve efficiency in public service delivery through technology-driven solutions.

The Commission explained that the platforms would offer prompt responses to enquiries, real-time guidance, and verified information relating to NIN services and identity management matters.

It added that the reforms being championed by Coker-Odusote are aimed at expanding access to identity services, strengthening public confidence, and enhancing operational efficiency across the Commission’s activities.

NIMC also urged Nigerians and legal residents to utilise only its official communication channels and remain vigilant against misinformation and fraudulent activities.

NIMC Unveils WhatsApp, Live Chat Platforms to Revolutionise NIN Customer Support

Continue Reading

News

Troops Neutralised Over 250 Terrorists, Recovered 150 Weapons in Sector 2 Operations — Commander

Published

on

Troops Neutralised Over 250 Terrorists, Recovered 150 Weapons in Sector 2 Operations — Commander

By: Zagazola Makama

The Commander of Sector 2, Operation HADIN KAI, Brig.-Gen. Beyidi Martins, says troops operating within the sector have neutralised more than 250 Boko Haram and ISWAP fighters during sustained offensive and defensive operations across Yobe and parts of southern Borno.

Martins disclosed this on Tuesday during a media briefing in Damaturu, where he highlighted major operational achievements recorded within the sector’s Area of Responsibility (AOR).

He said the achievements were made through a combination of kinetic and non-kinetic operations aimed at degrading the operational capability of terrorists and restoring security across critical locations.

According to him, troops carried out deep penetration and clearance operations into previously inaccessible terrorist enclaves within the Timbuktu Triangle, including Buk, Chileria, Kafa, Abbagajiri and Maisani.

He stated that over 50 terrorists were neutralised during offensive operations conducted within the Timbuktu Triangle, Bulabulin Forest and other identified hideouts.

Martins further disclosed that troops also foiled coordinated attacks on military formations at Kukareta, Forward Operating Base (FOB) Azir, Gonori, Buni Gari and Katarko, among other locations.

He said the failed attacks resulted in more than 200 terrorist casualties.

“In the course of these operations, troops recovered over 150 assorted weapons and large quantities of ammunition from the terrorists,” he said.

The commander listed some of the recovered items to include AK-47 rifles, PKT machine guns, Rocket Propelled Grenade (RPG) tubes, hand grenades, mortar bombs, motorcycles, communication gadgets and Improvised Explosive Device (IED) materials.

He added that troops also discovered and destroyed terrorist life-support structures, detention facilities, IED fabrication sites and Vehicle-Borne Improvised Explosive Devices (VBIEDs) in Chileria, Buk and other identified locations.

Martins said intelligence-driven operations had equally disrupted terrorist logistics networks, leading to the arrest of more than 30 suspected logistics suppliers, couriers and collaborators.

According to him, troops intercepted drugs, Premium Motor Spirit (PMS) and medical supplies suspected to be destined for insurgent groups.

The commander attributed the successes to sustained offensive pressure, improved intelligence gathering and stronger collaboration between troops and local communities.

He reaffirmed the commitment of Sector 2 troops to sustaining operations aimed at eliminating remaining terrorist threats within the North-East theatre.

Troops Neutralised Over 250 Terrorists, Recovered 150 Weapons in Sector 2 Operations — Commander

Continue Reading

News

Sector 2 Repairs 30 Battle-Damaged Vehicles, Expands Surveillance in Anti-Terror War

Published

on

Sector 2 Repairs 30 Battle-Damaged Vehicles, Expands Surveillance in Anti-Terror War

By: Zagazola Makama

The Commander of Sector 2, Operation HADIN KAI, Brig.-Gen. Beyidi Martins, says the Nigerian military has significantly enhanced operational mobility and surveillance capacity in the North-East through the repair of battle-damaged equipment and deployment of modern combat enablers.

Martins stated this on Tuesday during a media briefing in Damaturu while outlining operational and non-kinetic achievements recorded by the sector.

He said the sector successfully overhauled and repaired 30 battle-damaged and burnt armoured and tactical vehicles previously considered beyond economic repair.

According to him, the refurbishment programme has improved operational lift capability and increased firepower available to troops operating across the sector.

The commander said the initiative was part of efforts to sustain combat operations without waiting for prolonged procurement processes for new platforms.

He explained that the sector also procured critical operational equipment within available resources to improve troop effectiveness and communication.

The items, he said, included Night Vision Goggles (NVGs), surveillance cameras, tactical drones, Starlink communication systems, radios, repeaters, floodlights and inverters.

Martins noted that the equipment had enhanced surveillance capability, troop coordination and operational response within difficult terrains across the Area of Responsibility.

He added that troops also sustained Counter-IED and shoulder-clearance operations along major highways, particularly the Maiduguri-Damboa and Biu-Damboa routes, to improve troop mobility and reduce ambushes and roadside bomb attacks.

On non-kinetic operations, the commander said the sector intensified stakeholder engagements with community leaders, traditional rulers, youth groups and religious leaders to strengthen civil-military relations and improve intelligence sharing.

He said troops also provided armed escorts for commuters and humanitarian organisations along vulnerable corridors, including the Maiduguri-Damboa, Damaturu-Maiduguri and Biu-Damboa roads.

According to him, Sector 2 conducted regular farm patrols to protect farmers during cultivation activities and supported reconciliation efforts between farmers and herders in flashpoint communities.

Martins said the sector further collaborated with the International Committee of the Red Cross (ICRC), NGOs and Civil Society Organisations (CSOs) on humanitarian support, sensitisation campaigns and training on international humanitarian law.

He also commended vigilantes and Hybrid Forces for their contributions to intelligence gathering and deep insertion operations within difficult terrains.

The commander assured that troops would continue to sustain offensive operations and strengthen collaboration with communities to consolidate gains recorded in the fight against insurgency.

Sector 2 Repairs 30 Battle-Damaged Vehicles, Expands Surveillance in Anti-Terror War

Continue Reading

Trending

Verified by MonsterInsights