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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
Army will remain apolitical, committed to defending democracy – COAS
Army will remain apolitical, committed to defending democracy – COAS
By: Zagazola Makama
The Chief of Army Staff (COAS), Lt.-Gen. Waidi Shaibu, says the Nigerian Army will remain apolitical and steadfast in protecting the nation’s democracy in line with its constitutional mandate.
Shaibu stated this on Saturday at the Passing Out Parade of the Executive Commission Course 2/2025 held at the Nigerian Army School of Infantry, Jaji.
He reiterated that the subordination of the military to constituted civil authority remains the foundation for professionalism, urging officers and soldiers to uphold democratic values at all times.
“We must safeguard this constitutional democratic governance that promotes the values and interests of every well-meaning Nigerian, irrespective of tribe or religion,” he said.
“I charge all Nigerian Army personnel to be proud champions of democracy and remain apolitical in discharging their constitutional duties.”
Shaibu assured Nigerians that the Army remains committed to protecting lives and property across the country, adding that troops are working round the clock to secure the territorial integrity of the nation and support other security agencies.
The COAS commended the Commandant of NASI and the training staff for the successful conduct of the course, noting that the achievements recorded in training and operations were made possible by government support.
He expressed gratitude to President Bola Ahmed Tinubu for his leadership and sustained assistance to the Nigerian Army, reaffirming the loyalty of officers and soldiers to the government and the Constitution.
Shaibu also thanked the Kaduna State Governor, Sen. Uba Sani, and the people of the state for their cooperation and support to Army formations and institutions.
He congratulated the passing-out cadets and their families, wishing them successful careers as they prepare to join units and formations across the country.
“The Nigerian Army awaits you all in the field,” he said.
Army will remain apolitical, committed to defending democracy – COAS
News
COAS charges newly commissioned officers to uphold professionalism, loyalty at POP in Jaji
COAS charges newly commissioned officers to uphold professionalism, loyalty at POP in Jaji
By: Zagazola Makama
The Chief of Army Staff (COAS), Lt.-Gen. Waidi Shaibu, has charged newly commissioned officers of the Executive Commission Course 2/2025 to uphold professionalism, integrity and loyalty as they begin their careers in the Nigerian Army.
Shaibu gave the charge on Saturday during the Passing Out Parade of the course at the Nigerian Army School of Infantry (NASI), Jaji, Kaduna State.

The COAS described the occasion as a significant milestone and congratulated the cadets for successfully completing the rigorous training that qualifies them for the Presidential Commission.
He urged the new officers to remain focused as they take up responsibilities in various operational theatres across the country.
“Your pips will be unveiled shortly, and you will begin individual and collective journeys filled with opportunities, challenges and important decisions,” he said.
“Amidst these, one thing must remain sacrosanct Nigeria must come first in all decisions and actions throughout this new phase of your careers.”
Shaibu emphasised the need for right character, courage, professionalism and resilience, assuring the cadets that the Nigerian Army Officers’ Corps would always stand with them as comrades and brothers-in-arms.
He advised them to rely on the training received at NASI and their experiences in service, stressing that in moments of doubt, their training should remain their guide.
The COAS reminded the officers that leadership required the ability to inspire confidence and make sound decisions.
“A bad plan is better than no plan at all, so ensure that you always have a plan,” he said.
“Always act with the hope for success and not the fear of failure.”
Shaibu highlighted the Army’s efforts to address welfare concerns related to their type of commission, assuring them of measures to support their professional and personal development.
He urged them to pursue continuous improvement through courses and trainings available in the Army, aligning with his Command Philosophy to transform the force into a more professional, adaptable and combat-ready institution.
COAS charges newly commissioned officers to uphold professionalism, loyalty at POP in Jaji
News
COAS inaugurates land warfare wargaming centre, says facility will deepen officers’ operational planning
COAS inaugurates land warfare wargaming centre, says facility will deepen officers’ operational planning
By: Zagazola Makama
The Chief of Army Staff (COAS), Lt.-Gen. Waidi Shaibu, on Saturday inaugurated the newly constructed Land Warfare Wargaming Centre at the Armed Forces Command and Staff College (AFCSC), Jaji, describing the project as a major milestone in strengthening operational training and military education in the country.
Shaibu, who served as Special Guest of Honour at the commissioning ceremony, said the state-of-the-art centre would significantly enhance the capacity of officers to engage in advanced operational planning, mission rehearsal and strategic decision-making.
He said the completion of the project demonstrated the military’s collective resolve to equip officers with the skills required to address contemporary and future security challenges.
“This centre is not only significant to this College but to the Nigerian Army and the entire Armed Forces of Nigeria,” he said.
“The successful completion of this project is a bold statement in our determination to deepen officers’ operational planning capabilities, enhance military education and further prepare our officers for emerging threats.”
The COAS commended the Armed Forces Command and Staff College for maintaining its reputation as a centre of excellence in producing high-quality middle-level officers who contribute to national defence objectives.
“As a proud graduate of this College, I am pleased to remain associated with its continuous transformation,” he added.
Shaibu applauded the progress recorded by the Department of Land Warfare, noting that the execution of several key projects by his predecessors had contributed to improved academic outcomes and a more effective learning environment.
He described the new Wargaming Centre as a necessary complement to the Lt Gen T.Y. Buratai Operations Centre, adding that it would enhance the training of officers in land warfare doctrine and joint operations.
The COAS expressed appreciation to President Bola Ahmed Tinubu for his “unrelenting support to the Nigerian Army,” saying such support made the execution of strategic projects possible.
He also thanked the Commandant of AFCSC, AVM HI Alhaji, for his commitment to improving the college’s infrastructure and training systems, and commended the Director of the Department of Land Warfare, Brig.-Gen. N.U.C. Ogili, for ensuring the timely and quality completion of the project.
Shaibu acknowledged the contributions of the directing staff, administrative officers and college community, noting that they were collective stakeholders in ensuring the effective utilisation and maintenance of the new facility.
He urged students, who are the primary beneficiaries, to make optimal use of the centre to enhance their understanding of operational art, strategic planning and battlefield decision-making.
“I congratulate the Commandant, staff and students of AFCSC on this historic achievement,” he said.
COAS inaugurates land warfare wargaming centre, says facility will deepen officers’ operational planning
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