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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
IMPACT: Borno Emerges Best Performing State in Malaria, Immunisation Project
IMPACT: Borno Emerges Best Performing State in Malaria, Immunisation Project
By: Our Reporter
Borno State has emerged as the overall best in the implementation of Immunisation Plus and Malaria Progress by Accelerating Coverage and Transforming Services (IMPACT), surpassing other participating states across the country.
IMPACT is a World Bank-supported community driven project aimed at reducing by half the mortality of chidren under five by 2030, through strengthening the primary healthcare centers.


The project delivers integrated immunisation-plus and malaria sevices to vulnerable population across 235 primary and secondary healthcare facilities across the state.
Receiving the award at the Government House in Maiduguri, Borno State Governor Babagana Umara Zulum commended the effort of the Ministry of Health for achieving the milestone.
Governor Zulum reaffirmed his administration’s commitment to continuing its investment in the health sector to improve the wellbeing of people of the state.
“I would like to commend the Health Commissioner, the Permanent Secretary, the IMPACT project coordinator, and the rest of the team for their efforts in achieving this feat of becoming the best-performing state. On behalf of the government and people of the state, I extend our sincere gratitude,” Governor Zulum stated.
“Healthcare is one of the priorities of this admnistration, therefore, I willl like to assure you that more investment will be made in the entire value-chain of the health sector to ensure quality and affordable healthcare delivery system for people of the state,” he added.
Presenting the award to the governor, Communissioner for Health and Human Services, Prof. Baba Malum Gana, said the state achieved this feat owing to the high perfomance in the implementation of the project in a holistic and coordinated approach, deployment of digital monitoring tools as well as data quality.
He remarked that more than two million anti-malaria drugs, two million test kits and other essential consumables have been distributed in the last one year.
“In the last one year more than 2 million anti-malaria, 359,596 long-lasting Insecticide treated nets and 2 million test kits and other essential non-malaria drugs and medical consumables have been distributed across 235 health facilities across the state,” Malum Gana said.
The commissioner emphasized that despite the security challenges and 2024 flood disaster, the state was able to achieve immunization coverage in vulnerable areas.
IMPACT: Borno Emerges Best Performing State in Malaria, Immunisation Project
News
Nigeria Sympathizes with Cuba, Jamaica, Haiti on Devastation of Hurricane Melissa
Nigeria Sympathizes with Cuba, Jamaica, Haiti on Devastation of Hurricane Melissa
By: Michael Olugbode
Nigeria has sympathized with the governments of Cuba, Haiti and Jamaica over the catastrophic impact of Hurricane Melissa that ravaged the countries.
A statement on Sunday by the spokesperson of the Ministry of Foreign Affairs, Kimiebi Ebienfa read: “The Government and people of the Federal Republic of Nigeria have received with profound sorrow and deep sympathy the news of the catastrophic impact of Hurricane Melissa on our sister nations, the Republic of Cuba, Haiti and Jamaica.
“The images and reports emerging from the countries, detailing widespread destruction, severe flooding, and the tragic loss of lives and livelihoods, are truly heart-wrenching. Nigeria stands in solidarity with the governments and the resilient peoples of Cuba, Haiti and Jamaica during this period of immense adversity and destruction.
“We commend the swift and courageous efforts of the national emergency response teams in both countries, who are working tirelessly under extremely challenging conditions to provide relief and save lives.
“In the spirit of South-South cooperation and the enduring bonds of friendship and solidarity that Nigeria shares with the nations of the Caribbean, the Federal Government of Nigeria extends its heartfelt condolences to the families of the victims and wishes a full and speedy recovery to the injured.
“The Government of the Federal Republic of Nigeria calls upon the international community and our partner organisations to rally in support of Cuba, Haiti and Jamaica, and to provide all necessary assistance to help these nations in their urgent recovery and rebuilding efforts.
“Our thoughts and prayers are with the Government and people of the Republic of Cuba, Haiti and Jamaica.”
Nigeria Sympathizes with Cuba, Jamaica, Haiti on Devastation of Hurricane Melissa
News
NCYP Urges Tinubu, Northern Governors to Safeguard Inter-Religious Peace After U.S. CPC Designation
NCYP Urges Tinubu, Northern Governors to Safeguard Inter-Religious Peace After U.S. CPC Designation
By: Michael Mike
The Northern Christian Youth Professionals (NCYP) has urged President Bola Tinubu to ensure that Nigeria’s recent designation by the United States as a Country of Particular Concern (CPC) does not degenerate into religious tension or undermine peaceful coexistence between Christians and Muslims, especially in the northern region.
Reacting to the public response that followed the announcement by U.S. President Donald Trump, NCYP called for calm and constructive dialogue, warning that while international engagement is important, neglecting domestic dialogue would be a costly mistake.
The group noted that public reactions on social media already underscore the urgent need for local engagement in order to prevent the situation from escalating into inter-religious misunderstanding or violence.
The group, in a statement signed by its Chairman, Isaac Abrak, said: “We recalled that Bishop Matthew Hassan Kukah and NCYP had earlier appealed to the U.S. Government not to list Nigeria as a CPC, warning that such a move could “undermine the delicate interfaith dialogue and reconciliation efforts built over the years.” Unfortunately President Trump has still gone ahead and listed Nigeria, as such we must not allow this fear to turn into reality.
“While we commend President Tinubu for his inclusive approach to governance and his ongoing efforts to address insecurity, the NCYP stresses that more must be done to protect innocent lives—Christian, Muslim, or otherwise—and to strengthen national unity.
“NCYP must also express our concern that many northern governors have remained silent on this matter, as this is ia clarion call to the Northern Governors Forum, led by Governor Inuwa Yahaya of Gombe State, to work closely with the President and stakeholders in preserving the budding peace between the two faiths, particularly in flashpoint areas.
“Finally, NCYP reaffirmed its commitment to promoting unity, tolerance, and peace across Nigeria.”
NCYP Urges Tinubu, Northern Governors to Safeguard Inter-Religious Peace After U.S. CPC Designation
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