News
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
NANS Throws Weight Behind NDLEA Drug War, Endorses Tinubu’s Renewed Hope Agenda
NANS Throws Weight Behind NDLEA Drug War, Endorses Tinubu’s Renewed Hope Agenda
By: Michael Mike
The National Association of Nigerian Students (NANS) has declared full support for Nigeria’s intensifying war against substance abuse, aligning with the efforts of the National Drug Law Enforcement Agency (NDLEA) to combat the growing threat of illicit drug use among young people.
The position was made known when NANS leaders, led by their National President, Sola Oladoja, paid a strategic visit to the NDLEA Chairman and Chief Executive Officer, Mohamed Marwa at the agency’s national headquarters in Abuja.

In a meeting that underscored rising concerns over drug abuse in tertiary institutions, the student leaders commended the NDLEA’s sustained crackdown on drug trafficking networks and its preventive campaigns targeting campuses.
Oladoja described the agency’s War Against Drug Abuse (WADA) initiative as a transformative intervention that has significantly increased awareness among students about the dangers of substance misuse.
He said the association’s support for the NDLEA is rooted in a shared responsibility to safeguard the future of Nigerian youths, noting that drug abuse continues to threaten academic performance, mental health, and societal stability.
The NANS leadership also used the occasion to reaffirm its backing of President Bola Tinubu and his Renewed Hope Agenda, pointing to policies they believe have directly impacted students and young people. Oladoja cited the rollout of the student loan scheme, improved stability in the academic calendar following the resolution of strikes, and expanded youth-focused programmes as evidence of the administration’s commitment.
According to him, these measures have strengthened confidence among students in the current government and informed their willingness to support its continuity beyond the current term.
Responding, Marwa welcomed the endorsement, describing Nigerian students as a critical constituency in the national effort to curb drug abuse. He noted that meaningful progress in the anti-drug campaign would require active collaboration with young people, particularly those in higher institutions where vulnerability to substance use remains high.
Marwa warned that drug abuse poses far-reaching consequences, from deteriorating health and disrupted education to increased crime and long-term social instability. He called on student leaders to take ownership of the campaign within their campuses by promoting awareness and discouraging peer influence toward drug use.
Addressing concerns over the Federal Government’s newly introduced drug integrity test policy for students, the NDLEA boss clarified that the initiative is not designed to punish but to protect. He explained that early identification of drug use allows for timely counselling, treatment, and rehabilitation, thereby preventing long-term damage.
The engagement ended with both NANS and NDLEA agreeing to deepen collaboration, signalling a more coordinated approach to tackling substance abuse within Nigeria’s academic environment.
NANS Throws Weight Behind NDLEA Drug War, Endorses Tinubu’s Renewed Hope Agenda
Military
Troops Recover 225 Rustled Cattle, Repel Bandits in Katsina
Troops Recover 225 Rustled Cattle, Repel Bandits in Katsina
By: Zagazola Makama
Troops of Operation FANSAN YANMA have recovered no fewer than 225 rustled cattle after engaging suspected bandits in Katsina State.
Security sources told Zagazola that the operation was carried out at about 8:00 a.m. on April 20 by troops of 17 Brigade following credible intelligence on the movement of a notorious bandit leader, identified as Muhammad Filani, and his group.
The sources said the suspects were tracked to Kauri village in Kankia Local Government Area, where troops made contact and engaged them in a firefight.
“Upon contact, the troops engaged the bandits effectively, forcing them to flee and abandon the rustled cattle,” the source said.
The troops subsequently recovered a total of 225 cattle, which were handed over to relevant local authorities for identification and return to their rightful owners.
Military authorities noted that the operation has dealt a significant blow to cattle rustling networks operating within the area.
They added that troops have sustained aggressive patrols and intelligence-driven operations to deny bandits freedom of action across the state.
Meanwhile, under Operation Savannah Shield, troops continued offensive operations and routine security activities within their areas of responsibility.
Sources, however, confirmed that there was no major incident recorded during the period under review.
The Nigerian Army reaffirmed its commitment to protecting lives and property while intensifying efforts to combat banditry and related crimes in the North West.
Troops Recover 225 Rustled Cattle, Repel Bandits in Katsina
News
Troops Foil Kidnap Attempt, Rescue Two Victims in Kaduna
Troops Foil Kidnap Attempt, Rescue Two Victims in Kaduna
By: Zagazola Makama
Troops of the Nigerian Army have foiled a kidnap attempt and rescued two victims following a swift response to a distress call in Kaduna State.
Security sources said that the incident occurred at about 1:00 a.m. on April 21, when troops deployed under Operation Enduring Peace at Ungwan Gora checkpoint received reports of gunshots suspected to be from kidnappers.
The sources said the attack took place along the axis between Ungwan Dariya and Rafin Tagwi Bridge in Sanga Local Government Area.
“On receipt of the report, troops responded immediately and moved to the location, where they made contact with the suspected kidnappers,” a source said.
According to the source, the troops engaged the attackers, forcing them to flee into nearby bushes and abandon their victims.
During the operation, two persons who sustained gunshot wounds were rescued by the troops and promptly evacuated to a medical facility for treatment.
Military authorities said the swift intervention of the troops prevented what could have escalated into a successful abduction.
They added that patrols have been intensified within the area to track down the fleeing suspects and forestall further criminal activities.
The Nigerian Army reaffirmed its commitment to safeguarding lives and property, urging residents to continue providing timely information to security agencies.
Troops Foil Kidnap Attempt, Rescue Two Victims in Kaduna
-
News2 years agoRoger Federer’s Shock as DNA Results Reveal Myla and Charlene Are Not His Biological Children
-
Opinions4 years agoTHE PLIGHT OF FARIDA
-
News1 year agoFAILED COUP IN BURKINA FASO: HOW TRAORÉ NARROWLY ESCAPED ASSASSINATION PLOT AMID FOREIGN INTERFERENCE CLAIMS
-
News2 years agoEYN: Rev. Billi, Distortion of History, and The Living Tamarind Tree
-
Opinions4 years agoPOLICE CHARGE ROOMS, A MINTING PRESS
-
ACADEMICS2 years agoA History of Biu” (2015) and The Lingering Bura-Pabir Question (1)
-
Columns2 years agoArmy University Biu: There is certain interest, but certainly not from Borno.
-
Opinions2 years agoTinubu,Shettima: The epidemic of economic, insecurity in Nigeria
