Connect with us

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

Published

on

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

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

News

Calm returns to Pulka after Wednesday night attack on the town

Published

on

Calm returns to Pulka after Wednesday night attack on the town

By: Bodunrin Kayode

Residents of Pulka who ran to the bush yesterday night have returned home even as the troops of the Nigerian military repelled attempts by insurgents from sacking the town.

The insurgents too residents hinted did not leave without injecting their trade marks on the base of the military in the community leaving about three soldiers dead.

A source who wanted anonymity said that she had to run out of her house with her neighbors at about ten pm wednesday evening into the thick savannah to hide so that they are not attacked, killed or abducted when the criminals entered the community.

“We were all relaxing in our homes when the sounds of gun fire rented the air. Not knowing what to do we locked our doors and waited indoors while praying that the worse should not happen to us residents.

” Towards 10.30 pm the artillery blasts became intensified. Then suddenly, we heard the voices of soldiers telling us to run away into the bush showing us the safe direction to go into the dark while they stayed back to face the criminals.

” We stayed in the bush untill around 1 am when word reached one of our neighbors that the coast was clear to return to base. So by two am some of us were back into our residences trying to survive as usual.

” Nobody could sleep in the bush regardless of our tiredness which we were going through. We came back only to hear that the base of our military protectors was sacked and burnt down leaving three soldiers dead in as at the wee hours of the night.

” Very sad indeed. I feel for them because they are going to start a fresh. Sadly, this has been the routine which we have been following since a couple of years ago, I started working for my agency in this town.” She lamented.

Pulka which is about 109 km is at the foot of the Mandara mountains which is the hot bed of Boko Haram in Borno State.

Calm returns to Pulka after Wednesday night attack on the town

Continue Reading

News

Zulum Rolls Out 20 Electric Buses to Cushion Petrol Price Hike

Published

on

Zulum Rolls Out 20 Electric Buses to Cushion Petrol Price Hike

By: Our Reporter

Borno State Governor, Professor Babagana Umara Zulum, has directed the immediate deployment of 20 luxury electric buses for public use as part of measures to cushion the impact of the recent petrol price hike on residents.

The buses, which were inaugurated by President Bola Ahmed Tinubu on 20th December, 2025, alongside 3,000 electric bicycles, 500 electric tricycles, and 100 electric vehicles aimed at improving transportation services across the state.

The rollout of the buses, which commenced on Friday, 3rd April, features a fleet of 17 buses with 49 seating capacity, two 37-seaters, and one 28-seater. They are currently being deployed across major routes within Maiduguri metropolis and its environs to ease the burden of rising transport costs on commuters.

The Fully air-conditioned and energy-efficient vehicles can cover over 400 kilometres on a single charge. This initiative complements the existing fleet of buses and salon cars earlier procured by the Zulum administration to enhance urban mobility.

To ensure seamless operations, the governor has also established the largest electric vehicle charging terminal in the country, with the capacity to charge up to 50 vehicles at a time.

To further protect residents from the ripple effects of the global energy crisis, Governor Zulum directed Borno Express Transport Service to maintain a subsidised fare of N50 per drop.

The intervention has already begun to yield positive results, with noticeable reductions in congestion and improved access to affordable transportation for students, civil servants, traders, and other residents.

Commuters have since commended the initiative, describing it as timely and impactful.

“This transport initiative is indeed commendable. We are not feeling the impact of the rising transportation costs, as fares remain at N50 per drop. We thank Governor Zulum for the gesture”.

The initiative forms part of Governor Zulum’s effort to promote green energy, modernise transportation system and provide relief to the vulnerable.

Zulum Rolls Out 20 Electric Buses to Cushion Petrol Price Hike

Continue Reading

News

Youth Exclusion Could Derail Development Goals, UN Issues Urgent Warning

Published

on

Youth Exclusion Could Derail Development Goals, UN Issues Urgent Warning

By: Michael Mike

A senior United Nations official has issued a strong warning that governments and institutions risk deepening instability and policy failure if they continue to sideline young people, insisting that meaningful youth inclusion is now a critical condition for peace, stability, and sustainable development.

Speaking in Abuja at an interactive session with youth, the United Nations Assistant Secretary General for Youth Affairs and Head of UN Youth Affairs, who is currently on an official visit to Nigeria, Mr. Felipe Paullier, said global institutions are failing to evolve at the pace required to match today’s rapidly changing realities, particularly the demographic shift driven by an unprecedented youth population.

The event, themed “Open-Door Youth Engagement,” convened youth-led organizations, young women’s groups, youth peacebuilders, innovators, students, young professionals, persons with disabilities, and underserved youth communities for an interactive dialogue with representatives of the Government and the United Nations.

According to Paullier, young people now represent the largest, most educated, and most interconnected generation in history, especially in developing countries like Nigeria. However, this demographic advantage is being undermined by persistent gaps in access to quality education and limited opportunities for meaningful participation in governance.

He noted that: “Engaging young people in policy is not just an option—it is a condition if we want to achieve peace, stability, and effective solutions.”

He said the UN acknowledged a growing disconnect between policy formulation and real-world impact, describing the process of closing this gap as complex but urgent.

He admitted that while global frameworks exist, including the United Nations Sustainable Development Goals (SDGs) and youth-focused strategies, implementation at the national level remains inconsistent.

LHe emphasized that governments must move beyond rhetoric and adopt clear, actionable commitments that integrate youth voices into decision-making processes.

He said central to this effort is the UN’s broader development roadmap, which includes commitments to embed youth participation not only at global levels but also within country-level governance and policy execution.

Addressing concerns over the sustainability of policies, he warned that many initiatives fail because they are not designed to endure or adapt over time. The solution, the official argued, lies in institutionalizing youth engagement rather than treating it as a temporary or symbolic exercise.

He noted that nearly half of the world’s population under 30, and significantly higher percentages across Africa, the stakes are even higher for countries on African continent.

He said: “Youth engagement should not be seen as a project—it must be embedded at the heart of governance, financing, and development planning.”

The UN also called for increased investment in youth-driven innovation, noting that young Nigerians are already transforming sectors such as agriculture, technology, and the creative economy through ingenuity and entrepreneurship.

Youth Exclusion Could Derail Development Goals, UN Issues Urgent Warning

Continue Reading

Trending

Verified by MonsterInsights