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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
Remi Tinubu commissions nursing quarters, two mega schools in Borno
By: Michael Mike
The First Lady of Nigeria, Senator Oluremi Tinubu, on Monday commissioned newly completed nursing quarters and two mega primary schools in Maiduguri, the Borno State capital, as part of ongoing efforts to strengthen healthcare delivery and expand access to quality education in the state.
The projects were executed under Governor Babagana Zulum’s administration, which has continued to prioritize infrastructure development in the health and education sectors.
The newly inaugurated nursing quarters, located beside the State Specialist Hospital, consist of eight blocks of six flats each. The housing units are fully furnished and fitted with air-conditioning systems to improve living conditions for medical personnel.
In the education sector, Senator Tinubu also commissioned Aliyakeri and Abbaganaram Mega Primary Schools. Each facility features 48 classrooms designed to accommodate thousands of pupils, alongside ICT centres, modern sports facilities, e-learning platforms, and solar-powered systems to ensure uninterrupted academic activities.
Speaking at the ceremony, the First Lady commended Governor Zulum’s leadership style, describing the projects as people-focused and impactful.
“What we have seen so far in Borno is quite encouraging. You have done very well, and I am truly honoured to be part of this commissioning,” she said.
Governor Zulum’s administration has reportedly completed 104 mega schools across the state, with additional projects ongoing across Borno’s 27 local government areas.
During the event, Senator Tinubu also flagged off a N200 million empowerment programme targeting 2,000 vulnerable women. Each beneficiary is expected to receive N100,000 alongside a sewing machine to support small-scale businesses and improve household income.
The First Lady praised the initiative, noting that it aligns with national efforts to strengthen community-based economic empowerment and food security programmes.
Under the distribution plan, 400 women were selected from Maiduguri metropolis, 200 from Jere Local Government Area, 100 from Biu, while 50 beneficiaries were drawn from each of the remaining 24 local government areas.
In addition, eight outstanding education workers, including teachers, head teachers, principals, TVET coordinators, and ministry staff, were presented with brand-new utility vehicles in recognition of their service.
In a related gesture, Governor Zulum also presented a house to a ministry watchman, Baba Modu Fandi, in appreciation of his dedication, while Senator Tinubu further supported him with an additional ₦2 million financial assistance.
Remi Tinubu commissions nursing quarters, two mega schools in Borno
Two Men Sustain Severe Injuries in Mutual Attack Over Mining Site Dispute in Niger State
By: Zagazola Makama
Two men are receiving treatment at a hospital in Niger State after sustaining serious injuries in a violent altercation reportedly linked to a dispute at an illegal mining site.
Security sources told Zagazola that the incident occurred in a Fulani settlement near Iwa village in Gurara Local Government Area.
The sources said the matter was reported to the police on April 25 at about 1:30 p.m. after the victims were brought in by the Officer-in-Charge of Iwa Outstation.
According to the sources, the confrontation began on April 24 at about 9:00 a.m. when Jibril Yusuf, 22, allegedly went to the hut of Haruna Tukur, 35, and set him ablaze after a misunderstanding at an illegal mining site.
The sources further stated that Haruna Tukur, in retaliation, attacked Jibril Yusuf with a machete, severing his fingers during the violent exchange.
Both men were rushed to the General Hospital in Gawu Babangida, where they are currently responding to treatment.
Security operatives said investigations have commenced to determine the full circumstances surrounding the incident, while the case remains under active review.
Two Men Sustain Severe Injuries in Mutual Attack Over Mining Site Dispute in Niger State
Windstorm Damages NYSC Camp in Niger, Two Children Injured
By: Zagazola Makama
A heavy windstorm following a downpour has caused partial damage to structures at the National Youth Service Corps (NYSC) Orientation Camp in Paiko, Niger State, leaving two children injured.
Security sources told Zagazola that the incident occurred on April 25 at about 8:00 p.m. when strong winds brought down parts of the camp infrastructure during the rainfall.
The sources said police personnel were immediately mobilised to the scene to restore order and provide security, while some corps members were safely evacuated from affected areas.
According to the sources, no loss of life was recorded in the incident.
However, two girls identified as Fati Abdul, 12, and Adewumi Adesola, 11, sustained minor injuries during the incident. They were taken to a medical facility, treated and later discharged.
The sources added that normalcy has since been restored at the camp, while the area remains calm and under observation to ensure continued safety of occupants.
Windstorm Damages NYSC Camp in Niger, Two Children Injured
Remi Tinubu commissions nursing quarters, two mega schools in Borno
Two Men Sustain Severe Injuries in Mutual Attack Over Mining Site Dispute in Niger State
Windstorm Damages NYSC Camp in Niger, Two Children Injured
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