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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
News
KACRAN Applauds Buni’s Leadership, Cites Job Creation and Food Security Gains in Yobe
KACRAN Applauds Buni’s Leadership, Cites Job Creation and Food Security Gains in Yobe
By: Michael Mike
The Kulen Allah Cattle Rearers Association of Nigeria (KACRAN) has commended Yobe State Governor, Mai Mala Buni, for what it described as visionary leadership that has significantly improved job creation, food security, and overall wellbeing of citizens in the state.
In a statement signed by its National President, Khalil Mohammed Bello, the association said the desire of any society is to have a leader who prioritizes the welfare, security, and long-term prosperity of the people, noting that Governor Buni embodies such qualities.
KACRAN praised the governor’s humility and accessibility, describing him as a leader who maintains close contact with citizens to better understand their needs and challenges. According to the association, this people-oriented approach has contributed to sustained peace and unity in Yobe State.

Highlighting key achievements, the group noted that Buni’s administration has consistently invested heavily in agriculture by procuring and distributing farm inputs to farmers at subsidized rates. This, it said, has boosted food production and strengthened food security not only in Yobe but across neighboring states.
The association also lauded the establishment of a dedicated Ministry of Livestock, which it said has reinforced Yobe’s position as a leading livestock hub in Nigeria. It added that the construction of modern markets across major towns has further enhanced commercial activities within the state.
On human capital development, KACRAN pointed to the award of scholarships to thousands of students for studies within and outside Nigeria, as well as the construction and rehabilitation of roads, bridges, and other infrastructure to improve connectivity between rural and urban areas.
The group further commended the governor for creating employment opportunities through recruitment into the civil service and various empowerment programmes targeting youths and women.
KACRAN also acknowledged the efforts of the Yobe State Emergency Management Agency (SEMA), led by Mohammed Goje, in providing relief materials to internally displaced persons and vulnerable populations affected by insurgency, floods, and other disasters.
It noted that during the ongoing Ramadan, the state government has intensified food distribution initiatives, ensuring that thousands of households receive daily support as part of broader measures to cushion economic hardship.
While stressing the importance of proactive governance, KACRAN urged other state governments and the Federal Capital Territory to emulate Yobe’s approach to investing in agriculture, human development, and security in order to avert potential food crises and improve living standards nationwide.
The association concluded that sustained commitment to these priorities would promote peace, unity, and long-term stability across the country.
KACRAN Applauds Buni’s Leadership, Cites Job Creation and Food Security Gains in Yobe
News
CDS urges Borno, Yobe residents to take ownership of fight against terror, says enemy operating from within
CDS urges Borno, Yobe residents to take ownership of fight against terror, says enemy operating from within
By: Zagazola Makama
The Chief of Defence Staff (CDS), Gen. Olufemi Oluyede, has raised fresh concerns over internal complicity in the protracted insurgency in the North-East, urging residents of Borno and Yobe to take ownership of the fight against terrorism.
Oluyede’s position, articulated after a high-level security meeting in Maiduguri, signals a strategic shift in emphasis from purely kinetic military operations to community-driven counterinsurgency, as Nigeria battles the enduring threat posed by Boko Haram and the Islamic State West Africa Province.
The meeting, which lasted about four hours, brought together top military commanders, including the Chief of Army Staff, Lt.-Gen. Waidi Shuaibu, the Theatre Commander of Operation Hadin Kai, Maj.-Gen. Abdulsalam Abubakar and other top military officials.
At the heart of the CDS’s message is a troubling reality: the insurgency is being sustained, in part, by individuals that sometimes embedded within affected communities.
According to Oluyede, intelligence reports indicate that many of those responsible for attacks over the past 15 years originate from the same communities bearing the brunt of the violence.
This assertion reinforces long-standing concerns within security circles that local knowledge terrain familiarity, social networks, and community cover has continued to provide operational advantages to insurgents.
He cited a recent example in Kukawa, where troops discovered wounded terrorists hiding within the community during post-attack clearance operations, pointing to the challenge of distinguishing between civilians and collaborators.
The dynamics complicate military efforts, as insurgents exploit familial and social ties to evade detection, making intelligence gathering more difficult despite sustained offensives.
The CDS’s call for residents to “take ownership” reflects a recognition that military القوة alone cannot decisively end the insurgency without active civilian cooperation.
Oluyede’s remarks suggest a push to recalibrate this dynamic by encouraging residents to see the fight as a collective responsibility rather than solely a government burden.
The CDS also acknowledged the evolving tactics of insurgents, particularly the increasing use of drones and other technological in attacks.
Oluyede disclosed that the Nigerian military is adapting, including the deployment of advanced drone systems to enhance surveillance, targeting, and battlefield coordination.
CDS urges Borno, Yobe residents to take ownership of fight against terror, says enemy operating from within
News
FG Pushes for Correctional Reform via Public-Private Partnership
FG Pushes for Correctional Reform via Public-Private Partnership
By: Michael Mike
The Federal Government has reaffirmed its commitment to transforming Nigeria’s correctional system into a hub of rehabilitation, skills development, and national productivity through strategic Public-Private Partnerships (PPPs).
The pledge was highlighted at a stakeholders’ engagement on optimizing correctional farm centres, industries, and PPP opportunities, organized by the Ministry of Interior in collaboration with civil society and development partners.
Representing the Honourable Minister of Interior, Dr. Olubunmi Tunji-Ojo, Permanent Secretary Dr. Magdalene Ajani stated that modern correctional facilities must focus not only on confinement but also on equipping inmates with practical skills for reintegration into society. “Correctional centres must evolve into institutions of transformation—where inmates are prepared to become productive members of society upon release,” she said.

Ajani emphasized the importance of PPPs in achieving this vision, describing them as critical tools for combining government oversight with private sector expertise, innovation, and investment. She added that correctional farm centres and industries could become centres of excellence in agriculture, agro-processing, and value-chain development, contributing to both inmate rehabilitation and national food security.
The Controller-General of the Nigerian Correctional Service, Sylvester Nwakuche, disclosed that the Service currently operates 18 farm centres and 10 cottage industries nationwide, spanning crop production, livestock, fisheries, and poultry.
He noted that collaboration with the private sector would boost productivity, introduce modern techniques, and create sustainable value chains.
Stakeholders, including representatives from government, civil society, development organisations, and the private sector, agreed on the need for actionable and scalable models to drive tangible impact.
On his part, the Chairman of the House Committee on Reformatory Institutions Hon. Chinedu Ogah, called for greater accountability, innovation, and commitment in optimizing correctional farms, noting that agriculture remains a critical driver of economic growth and national security.
The engagement aligns with President Bola Ahmed Tinubu’s administration’s broader reform agenda, which prioritizes institutional strengthening, economic productivity, and sustainable development. Participants were urged to leverage partnerships that transform correctional facilities into engines of productivity, reduce recidivism, and enhance community safety.
The Ministry of Interior reiterated that the success of correctional reform depends on collective action, sustained investment, and a shared commitment to building a humane and development-oriented correctional system.
FG Pushes for Correctional Reform via Public-Private Partnership
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