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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

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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

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Zulum commissions remodelled ‘2nd chance school’ for vulnerable girls

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Zulum commissions remodelled ‘2nd chance school’ for vulnerable girls

.Disburses N1bn to SMEs in 5 LGAs

By: Our Reporter

Borno State Governor, Professor Babagana Umara Zulum, on Thursday commissioned a fully remodelled “Second Chance School” for vulnerable girls and women in Biu Local Government Area.

The newly inaugurated facility is part of a strategic initiative designed to offer adult women, including those who missed formal education or dropped out of school due to prevailing challenges, a pathway to self-reliance. 

The school’s curriculum is tailored towards providing comprehensive skills’ acquisition, critical digital knowledge and basic literacy, and numeracy training.

With the Biu centre now operational, Zulum’s administration has established three such schools across the state, with existing centres already operational in Maiduguri and Bama.

Meanwhile, Governor Zulum has disbursed N1 billion to small and medium-scale enterprises (SMEs) across five local government areas in southern Borno.

The targeted LGAs include Biu, Hawul, Shani, Bayo and Kwaya-Kusar, with the funds intended to support entrepreneurs and enhance business sustainability.

Zulum explained that the direct injection of capital into the SME sector is essential for driving grassroots development and fostering self-reliance in the post-insurgency recovery phase.

In a related development aimed at tackling youth restiveness and promoting social stability, Governor Zulum has ordered immediate employment of 200 young individuals from the Biu Local Government Area. 

After the inauguration, Zulum visited Biu Specialist Hospital where he announced the immediate and automatic employment of a number of dedicated volunteer health workers who have served tirelessly.

He also inspected the 100-unit teachers’ housing estate under construction in Biu town. The estate is part of the Borno State Government’s motivational strategy to attract and retain qualified teaching professionals in public schools.

Governor Zulum has also directed immediate commencement of rehabilitation work on the Borno State Hotel Annexe in Biu.

Zulum commissions remodelled ‘2nd chance school’ for vulnerable girls

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Environment Minister Calls for Inter-Agency Collaboration to Address Environmental Challenges

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Environment Minister Calls for Inter-Agency Collaboration to Address Environmental Challenges

By: Michael Mike

The Minister of Environment, Balarabe Abbas Lawal, has urged enhanced inter-agency collaboration to tackle environmental challenges across Nigeria.

The call was made during a meeting with the Director-General of the National Hydro-Electric Power Producing Areas Development Commission (N-HYPPADEC), Abubakar Sadiq, and his team at the Ministry’s Abuja office.

Highlighting potential areas of cooperation, Lawal emphasized the importance of climate-resilient water supply and sanitation (WASH) programs aimed at ensuring year-round access to safe, reliable, and clean water in communities affected by dam operations. He noted that such collaboration would not only improve access to safe drinking water but also reduce the prevalence of water-borne diseases in these areas.

On energy initiatives, the Minister discussed the distribution of clean cooking stoves to households in hydro-basin communities, stressing that this would significantly reduce household energy poverty, deforestation, and emissions through the adoption of energy-efficient cooking technologies.

Other proposed collaboration areas between the Ministry and N-HYPPADEC include erosion and flood management, ecosystem restoration, climate-resilient afforestation programs, youth and community engagement, job creation, and public awareness campaigns.

In his remarks, Abubakar Sadiq described N-HYPPADEC as a strategic partner of the Federal Ministry of Environment, outlining the commission’s impactful interventions across water supply, sanitation, housing, youth empowerment, water transport safety, and institutional strengthening. He also commended the Ministry for its prompt response to flood-prone areas, erosion challenges, and pollution management.

N-HYPPADEC maintains offices in Lokoja, Birnin Kebbi, Ilorin, Lafia, Jos, Gombe, Jalingo, Makurdi, Kaduna, with its headquarters in Minna, Niger State.

Environment Minister Calls for Inter-Agency Collaboration to Address Environmental Challenges

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Health Worker Exodus Deepens as Policy Brief Warns of Systemic Risk to Nigeria’s Healthcare Sector

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Health Worker Exodus Deepens as Policy Brief Warns of Systemic Risk to Nigeria’s Healthcare Sector

By: Michael Mike

A new policy brief has warned that unless urgent welfare-focused reforms are implemented, the country risks a deepening crisis that could undermine access to quality healthcare nationwide.

Nigeria’s healthcare system is facing mounting pressure as the steady departure of doctors and nurses continues to erode service capacity, raising concerns about long-term system viability.

According to the policy analysis authored by health policy expert Dr Emmanuel Ejimonu, of the Athena Centre for Policy and Leadership, more than 42,000 nurses left Nigeria between 2021 and early 2024, while thousands of Nigerian-trained doctors have registered to practise abroad, particularly in the United Kingdom. The trend shows no sign of slowing, as survey data cited in the report indicate that nearly three-quarters of medical and nursing students intend to seek employment overseas, with about one in three expressing no plans to return.

The report attributed the exodus largely to domestic welfare and governance challenges rather than professional ambition. Health workers interviewed consistently pointed to low and irregular salaries, unsafe and overstretched working environments, limited opportunities for funded specialist training and weak social protection systems. These challenges, the brief notes, have made emigration a rational choice in the face of institutional uncertainty, especially as global demand for health professionals continues to rise.

Although the Federal Government introduced a National Policy on Health Workforce Migration in 2023 to promote ethical recruitment and retention, the brief argues that its impact has been limited. Implementation gaps, inadequate funding and uneven execution at state and facility levels have prevented the policy from delivering meaningful improvements in working conditions.

The consequences of sustained health worker losses are already visible. Teaching hospitals are reportedly struggling to maintain specialist training and mentorship programmes, while recurring strikes highlight growing mistrust between health workers and government authorities. Economically, the country is losing returns on public investments in training, even as staff shortages compromise care delivery in both urban and rural facilities. Remaining workers also face rising burnout, further fuelling migration intentions.

Drawing on international experiences from countries such as Ghana, Kenya, the Philippines and Cuba, the policy brief stresses that health worker migration cannot be completely stopped. Instead, it recommends managing mobility through welfare-based retention strategies and credible governance structures.

Central to the recommendations is a proposed Welfare-First Retention Package, which prioritises guaranteed and timely payment of salaries, improved workplace safety, funded career progression, fair bonding arrangements and strengthened social protection. The package also calls for disciplined use of bilateral agreements and ethical recruitment frameworks to protect Nigeria’s investment in health worker training.

The brief estimates that, if properly funded and implemented, the proposed measures could reduce short-term health worker attrition by up to one-third within two years, while significantly improving retention over a five-year period.

The report stated that reversing the health workforce crisis will require treating welfare reform as a core economic and governance priority, backed by political will, fiscal discipline and strong institutional coordination. Without such action, the report warns, Nigeria risks the gradual hollowing out of its healthcare system, with far-reaching consequences for public health and national development.

Health Worker Exodus Deepens as Policy Brief Warns of Systemic Risk to Nigeria’s Healthcare Sector

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