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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 Flags off Distribution of Renewed Hope Sallah Palliative

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Zulum Flags off Distribution of Renewed Hope Sallah Palliative

By: Our Reporter

Borno State Governor, Professor Babagana Umara Zulum, has flagged off the distribution of palliatives under the Renewed Hope Initiative to vulnerable residents across the state ahead of the Eid al-Adha celebration.

The governor launched the exercise at the Conference Hall of Prime Lodge in Maiduguri.

Governor Zulum commended Nigeria’s First Lady, Senator Oluremi Tinubu, for supporting widows, orphans, internally displaced persons (IDPs), and other vulnerable groups through the Renewed Hope Initiative.

“On behalf of the Government and good people of Borno State, I sincerely appreciate Her Excellency, Senator Oluremi Tinubu, CON, First Lady of the Federal Republic of Nigeria and Founder of the Renewed Hope Initiative, for this compassionate intervention aimed at supporting vulnerable Nigerians and restoring hope to families facing economic hardship,” Zulum said.

The governor also praised the resilience and patience of the people of Borno despite years of insurgency and insecurity, reaffirming his administration’s commitment to improving the welfare of citizens through people-oriented policies and programmes.

“Despite the challenges our state has faced over the years, our people have continued to demonstrate resilience, patience, and courage. As a government, we remain committed to implementing programmes and policies that directly improve the lives of our citizens,” he stated.

Zulum noted that the distribution exercise forms part of the federal and state governments broader social support programme aimed at cushioning economic hardship and strengthening community resilience.

“The distribution exercise we are flagging off today is therefore part of our broader social support programme designed to cushion economic difficulties and strengthen community resilience. I commend members of the Distribution Committee for their efforts and urge them to ensure transparency, fairness, and accountability throughout the exercise so that the support will reach the rightful beneficiaries,” he added.

The governor urged beneficiaries to make proper use of the items distributed while also appreciating security agencies, traditional rulers, religious leaders, and development partners for their continued support towards peacebuilding and humanitarian interventions in the state.

Earlier in his remarks, Chairman of the Distribution Committee, Dr Abba Bashir Dankellori, expressed gratitude to Senator Oluremi Tinubu for the timely intervention, describing it as a relief that would enable many Muslim families to celebrate the forthcoming Sallah with ease.

“I wish to, on behalf of the committee, thank the First Lady Senator Oluremi Tinubu for the kind gesture. We also appreciate Borno State Governor, Professor Babagana Umara Zulum, for the selfless leadership, commitment and service to the people of the state,” Dankellori stated.

According to him, beneficiaries of the intervention include Qur’anic and Sangaya school teachers, as well as religious organisations that contribute to the moral upbringing of society.

Governor Zulum was accompanied to the event by the Secretary to the State Government, Bukar Tijani; Acting Chief of Staff, Dr Babagana Mustapha Malumbe; Coordinator of Renewed Hope Ambassadors, Engr Baba Bukar Gujbawu; Permanent Secretary, Government House, Barr. Mustapha Busuguma, among other top government officials.

Zulum Flags off Distribution of Renewed Hope Sallah Palliative

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Security forces Conduct Show of Force In Jos, Bukuru During Church Services

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Security forces Conduct Show of Force In Jos, Bukuru During Church Services

By: Zagazola Makama

Joint Security forced in Plateau State on Sunday conducted a joint show of force across major flashpoints within Jos metropolis and the Bukuru general area to ensure peaceful church services and strengthen public confidence.

The operation involved troops of Operation Enduring Peace, personnel of the Nigerian Air Force 551 Station, Operation Keystone, the Nigeria Security and Civil Defence Corps (NSCDC), and other security agencies.

Security sources said the exercise commenced at about 7:30 a.m. and was aimed at denying criminal elements freedom of action while providing adequate security coverage during church services.

The coordinated patrols and visibility operations covered identified vulnerable areas and strategic locations within Jos and Bukuru.

According to the sources, the operation was conducted without any security breach or incident, while religious activities across the affected areas remained peaceful.

The security agencies reaffirmed their commitment to sustaining collaborative operations aimed at maintaining law and order as well as protecting lives and property in Plateau State.

Security forces Conduct Show of Force In Jos, Bukuru During Church Services

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Teenage Sensations Rosemary, Miracle Win Gold for Nigeria, Secure World Championship Spot

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Teenage Sensations Rosemary, Miracle Win Gold for Nigeria, Secure World Championship Spot

Nigeria recorded a major triumph at the 24th CAA Senior Athletics Championship in Accra, Ghana, as teenage athletes Rosemary and Miracle delivered a stunning performance to win gold for the country in the women’s 4x100m relay event.

The young stars, both students of NTIC Secondary School, helped Team Nigeria clinch the gold medal with an impressive time of 42.94 seconds, further underlining the country’s growing strength in athletics.

Their victory also secured Nigeria a ticket to the World Championships in Gaborone, while guaranteeing qualification for the 2027 World Championship in China.

The feat was particularly remarkable for Rosemary, who was making her senior debut for Nigeria at the continental championship.

Sports enthusiasts have since praised the duo for proving that age is no barrier to excellence, with many describing their performance as a glimpse into the bright future of Nigerian athletics.

Teenage Sensations Rosemary, Miracle Win Gold for Nigeria, Secure World Championship Spot

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