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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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FG Pushes Deeper Reforms in Prisons, Border Security, and Financial Systems

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FG Pushes Deeper Reforms in Prisons, Border Security, and Financial Systems

By: Michael Mike

The Federal Government has reaffirmed its commitment to comprehensive reforms in Nigeria’s correctional system, the deployment of technology to strengthen border security, and the entrenchment of financial integrity across public institutions.

The Minister of Interior, Olubunmi Tunji-Ojo, made this known on Wednesday in Abuja while receiving the President and Chairman of Council of the Institute of Chartered Accountants of Nigeria (ICAN), Mallam Haruna Yahaya, who led a delegation on a courtesy visit.

Tunji-Ojo emphasized that reforming the nation’s correctional system remains a top priority, stressing that the focus must extend beyond incarceration to rehabilitation and reintegration of inmates into society.

“Government has a duty of care to its citizens. Even where freedom is restricted by law, those in custody must be treated with dignity and given opportunities to return to society better than they came,” he said.

He noted that the shift from the Prisons Act to the Nigerian Correctional Service Act marked a deliberate transition toward a system that prioritizes reformation over mere detention.

On border management and internal security, the Minister disclosed that the Correctional Information Management System (CIMS) now contains over 50 million records compiled from operations at seaports and airports, with ongoing integration of land border data.

According to him, the system enhances the government’s ability to detect irregularities and prevent unauthorized entry, aligning with modern security strategies that prioritize proactive measures over reactive responses.

“We are building systems that can stop problems before they happen, not just respond after the damage is done,” he added.

Addressing financial governance, Tunji-Ojo stressed the importance of strengthening internal controls across government institutions, noting that preventive mechanisms are more effective than post-incident audits.

“It is not enough to detect issues after they occur. The goal is to build systems that make such issues difficult to happen in the first place,” he said.

He called on professional bodies such as ICAN to deepen their collaboration with government, particularly in areas of revenue assurance, transparency, and institutional accountability, while also encouraging stronger public-private partnerships to enhance efficiency and boost investor confidence.

On infrastructure, the Minister highlighted the need to expand fire and rescue services nationwide, pointing out that innovative funding models, including private sector participation, would be crucial to achieving this goal.

Tunji-Ojo also congratulated ICAN on its leadership and its upcoming West Africa Accountants Conference 2026 scheduled for December 2026, assuring the institute of government support. He further commended the increasing representation of women in professional leadership, describing it as a positive sign for the future.

Earlier, ICAN President Haruna Yahaya applauded the Ministry’s ongoing reforms and proposed the creation of a Joint ICAN–Ministry Financial Integrity and Revenue Assurance Task Force.

He explained that the initiative would target key areas including revenue assessment within the Nigeria Immigration Service, payroll analysis across uniformed services, and procurement risk review, with the aim of reducing leakages and strengthening accountability across government operations.

FG Pushes Deeper Reforms in Prisons, Border Security, and Financial Systems

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Security forces foil rustling, recover 22 animals in Katsina

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Security forces foil rustling, recover 22 animals in Katsina

By: Zagazola Makama

Security operatives in Katsina State have foiled a livestock rustling attempt and recovered 22 stolen animals in Jibia Local Government Area.

Police sources said the incident occurred in the early hours of April 12 following a distress call received at about 12:45 a.m. that suspected armed bandits had rustled livestock from neighbouring Niger Republic.

According to the sources, the Divisional Police Officer (DPO) of Jibia swiftly mobilised a joint team comprising police, military and community watch personnel to the area.

They added that the operatives strategically blocked the escape routes of the suspects and engaged them in a gun duel.

“The superior firepower of the security team forced the bandits to abandon the rustled animals and flee into the bush,” the sources said.

The sources disclosed that all 22 sheep and goats were recovered intact during the operation.

They noted that the area has been cordoned off, while aggressive clearance operations are ongoing to apprehend the fleeing suspects.

Further developments will be communicated as investigations continue, the sources added.

Security forces foil rustling, recover 22 animals in Katsina

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Troops neutralise several terrorists in ambush operation in Borno

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Troops neutralise several terrorists in ambush operation in Borno

By: Zagazola Makama

Troops of the Joint Task Force, North-East, Operation Hadin Kai, have neutralised several Boko Haram terrorists during an ambush operation in Bama Local Government Area of Borno State.

Security sources said the incident occurred at about 2:33 a.m. on April 13 when an ambush team of 202 Battalion deployed at Bravo Kilo sighted a terrorist crossing the parapet at a defensive company location.

According to the sources, the troops engaged and neutralised five of the suspect on sight.

The sources added that the operation is part of ongoing clearance and ambush missions aimed at denying terrorists freedom of movement in the North-East theatre.

Troops neutralise several terrorists in ambush operation in Borno

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