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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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Troops clear bandits’ camps, rescue victims, recover arms in Bauchi

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Troops clear bandits’ camps, rescue victims, recover arms in Bauchi

By: Zagazola Makama

Troops under Operation WUTAN DAJI have cleared several bandits’ camps, rescued kidnapped victims and recovered arms during clearance operations in Bauchi State.

Security sources said troops of 33 Artillery Brigade Garrison, in conjunction with elements of the Brigade Headquarters and a team from the Office of the National Security Adviser (ONSA), carried out the operation in Kumbodoro forest and Kumbodoro village.

According to the sources, the operation was led by the Commander, 33 Artillery Brigade, Brig.-Gen. S.S. Shehu, as part of ongoing efforts to rid the area of criminal elements.

They added that several bandits’ camps, including Azuge camps, were cleared during the operation, while a number of the criminals were neutralised.

Items recovered include four skeletal rifles, four dane guns, two pairs of boots, three helmets, a power bank, a Startimes decoder, one FN rifle magazine, one AK-47 magazine, communication links, a jackknife, six mobile phones, arrows, radio chargers, ATM cards, photographs, identity cards, as well as several pairs of security agency uniforms and leg chains.

The sources further disclosed that eight kidnapped victims were rescued during the operation.

They said troops are currently holding position within the Kumbodoro forest to consolidate gains from the clearance mission.

In a related development, the sources said troops deployed at Duguri, in collaboration with local vigilantes, recovered 36 cows at Mushen Kura village following information that the animals were roaming the area.

“The cows are suspected to have fled from bandits’ camps due to the ongoing operations and are currently in custody for further action,” the sources said.

They noted that troops’ morale and combat efficiency remain high, while operations continue to deny bandits freedom of action in the region.

Troops clear bandits’ camps, rescue victims, recover arms in Bauchi

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Joint security forces raid herders’ camp in Rivers, recover arms and ammunition

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Joint security forces raid herders’ camp in Rivers, recover arms and ammunition

By: Zagazola Makama

Joint security operatives under the Joint Task Force, South-South, Operation Delta Safe, have raided a suspected herders’ camp in Ikwerre Local Government Area of Rivers State, recovering arms and ammunition.

Security sources said the operation was carried out at about 1:30 p.m. on April 12 along the IPO community axis by troops of 6 Division Garrison in collaboration with personnel of the Air Force, Navy, Police, Department of State Services (DSS) and Civil Defence Corps.

According to the sources, the raid targeted identified herders’ and cattle rearers’ camps in the area.

They added that items recovered during the operation include one AK-47 rifle, one pump-action gun, 274 rounds of 7.62mm special ammunition and four mobile phones.

The sources noted that the operation is part of ongoing efforts to curb illegal possession of firearms and enhance security across the Niger Delta region.

Joint security forces raid herders’ camp in Rivers, recover arms and ammunition

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Zulum establishes quarry centre, procures 70 trucks for infrastructure development

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Zulum establishes quarry centre, procures 70 trucks for infrastructure development

By: Our Reporter

Borno State Governor, Professor Babagana Umara Zulum, has announced the establishment of a quarry centre in Pulka, Gwoza Local Government Area, to accelerate infrastructure development in the state.

Zulum made this announcement on Monday while flagging off the distribution of 70 brand-new Howo pickup trucks to the Ministry of Works and the State Road Maintenance Agency (BORMA) at the Government House.

The 70 Howo trucks are designed to boost the operational capacity of the Ministry of Works and its supervising agencies. The trucks will enable the swift delivery of materials to sites and faster intervention on distressed roads.

According to the governor, the quarry centre will provide locally sourced materials including granite, gravel and sharp sand to support ongoing and future road projects, reducing dependence on external suppliers and cutting costs.

“We have achieved a lot in health, education, agriculture, security, and road construction among others. However, we still have challenges of constructing roads within the state, especially in rural communities,” Zulum said.

“My administration has established a quarry plant in Pulka with a processing capacity of 120 tons per hour. The State Government spent at least 3 billion to establish the quarry plant”, he added.

According to the governor, due to the prevailing insecurity, most contractors are not willing to work in Borno.

“You know, no serious contractor will take the risk of deploying his equipment to most of the implementing areas, so this is the reason we are here”, the governor reinstated.

“So, we have no option but to strengthen the capacity of the Ministry of Works, the capacity of Borno State Road Maintenance Agency (BORMA), the capacity of special projects, monitoring departments and other MDAs that are responsible for road construction.”

The brief ceremony was attended by the Secretary to Borno State Government, Bukar Tijani, Acting Chief of Staff, Dr Babagana Mustapha Mallumbe, Permanent Secretary Ministry of Works, Engr Baware, BORMA Chairman, Engr Sadu Auno, the Special Adviser on Monitoring and Evaluation, Engr Bukar Gujubawu and other senior officials.

Zulum establishes quarry centre, procures 70 trucks for infrastructure development

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