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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
Zulum Dismisses Claims of Favoring Candidates for APC Congress
By: Our Reporter
Borno State Governor, Professor Babagana Umara Zulum, has firmly dismissed rumours circulating that he has anointed individuals for executive positions in the forthcoming All Progressives Congress (APC) party congresses.
In a statement by his Special Adviser on Media, Dauda Iliya, the Governor described the claims as the handiwork of mischief-makers seeking to cause disaffection within the party.
Governor Zulum emphasised that he has not in any fora endorsed any candidate for any party position, whether in Gwoza Local Government Area or any of the state’s 27 local government areas.
“Let me categorically state that I have not anointed any person for the position of Chairman or Secretary of APC in Gwoza local government in the forthcoming party congress. I wish to also stress that I have not anointed any person for any position in the APC congress in any of the 27 local government areas,” Governor Zulum stated.
He further called on party members to disregard the false information, saying, “I am calling on our party faithful and supporters to disregard the rumour as it is a calculated attempt to create disaffection and derail the party from its trajectory.”
The Governor instead urged party stakeholders to continue constructive consultations aimed at identifying credible candidates to be fielded for all party positions.
Zulum Dismisses Claims of Favoring Candidates for APC Congress
VP Shettima Arrives In Guinea For President Doumbouya’s Inauguration
By: Our Reporter
Vice President Kashim Shettima has arrived in Conakry, the capital of Guinea, to represent President Bola Ahmed Tinubu at the inauguration of President-elect Mamady Doumbouya.
The Vice President was received by senior Guinean government officials and members of the Nigerian diplomatic corps ahead of the official ceremony, which is scheduled to take place on Saturday, January 17, at the GLC Stadium in Nongo.
The inauguration of President Doumbouya follows his victory in the December 2025 general elections, signalling the formal end of a four-year military transition.
The Vice President’s attendance at the inauguration affirms Nigeria’s leadership role within the Economic Community of West African States (ECOWAS) and its commitment to the restoration of constitutional order across the sub-region.
Under President Tinubu’s Renewed Hope agenda, Nigeria has continued to position itself as a stabilising force, advocating for democratic governance as a prerequisite for regional prosperity.
The visit also serves as a strategic mission to expand the economic corridor between the two West African nations.
VP Shettima Arrives In Guinea For President Doumbouya’s Inauguration
Bandits kill seven, abduct three in Sabon Birni border attack in Sokoto
By: Zagazola Makama
At least seven persons were killed and three others abducted when armed bandits attacked Kyara village, a remote border community in Sabon Birni Local Government Area of Sokoto State, in the early hours of Thursday.
Sources said the attack occurred at about 4:00 a.m. in the village, which lies close to the Niger Republic border and has no mobile phone network coverage.
The bandits, who were said to be in large numbers and armed with sophisticated weapons, stormed the community, shooting sporadically and causing panic among residents.
During the attack, seven persons were shot dead, while two others sustained gunshot injuries. Three villagers were also kidnapped, and an unspecified number of domestic animals were rustled.
Joint security forces were immediately deployed to the area after the incident was reported. On arrival, they evacuated the corpses and the injured victims to a hospital for autopsy and medical treatment.
Troops have since launched a manhunt for the attackers with a view to rescuing the abducted victims, recovering the rustled livestock and arresting those responsible.
Confidence-building patrols are currently ongoing in and around Kyara village to reassure residents and prevent further attacks.
Bandits kill seven, abduct three in Sabon Birni border attack in Sokoto
Zulum Dismisses Claims of Favoring Candidates for APC Congress
VP Shettima Arrives In Guinea For President Doumbouya’s Inauguration
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