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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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One Rescued, Bandit Killed as troops Repel Attack in Zamfara

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One Rescued, Bandit Killed as troops Repel Attack in Zamfara

By Zagazola Makama

The troops of Operation FANSAN YANMA have rescued one kidnapped victim and neutralised a suspected armed bandit following an attack on Dankabali Village in Talata Mafara Local Government Area of Zamfara State.

Security sources said the incident occurred at about 3:00 a.m. on April 30 when about 20 armed bandits on 10 motorcycles invaded the community in Kagara District and abducted four residents.

The sources disclosed that the abducted persons were identified as Ladan Mani Sarkin Diya, Halima Mani, Rabiatu Muhammad, and Karima Muhammad.

According to the sources, the troops under Operation Fansar Yamma and the police joint tactical team was mobilised immediately after receiving the distress call and commenced search-and-rescue operations.

They added that during a combing operation in a nearby forest, the joint forces made contact with the bandits, leading to an exchange of fire in which one bandit was neutralised.

The sources further said one of the abducted victims, Ladan Mani Sarkin Diya, was successfully rescued unharmed, taken to the General Hospital in Talata Mafara for medical examination, and later reunited with his family.

They noted that ongoing operations are aimed at rescuing the remaining three victims and apprehending the fleeing suspects.

Security presence has since been reinforced in the Dankabali axis, while surveillance and patrols have been intensified to prevent further attacks.

One Rescued, Bandit Killed as troops Repel Attack in Zamfara

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Troops Foil Bandits’ Attack, Recover 27 Rustled Animals in Sokoto

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Troops Foil Bandits’ Attack, Recover 27 Rustled Animals in Sokoto

By Zagazola Makama

The troops of Operation FANSAN YANMA have foiled an attempted attack by suspected Lakurawa bandits and recovered 27 rustled animals in Silame Local Government Area of Sokoto State.

Security sources said the incident occurred at about 8:00 p.m. on May 1 when a large number of armed bandits invaded Gumki and Zeringo-Gande villages, firing sporadically and rustling domestic animals.

The sources disclosed that upon receiving the distress the troops swiftly mobilised and blocked routes leading to the bandits’ camp in Zamori forest.

According to the sources, the troops engaged the attackers in a gun duel, overpowering them and forcing their retreat toward the Niger Republic border.

They added that all 27 rustled animals were successfully recovered and would be returned to their rightful owners.

The sources further confirmed that no casualties or injuries were recorded among security personnel during the operation.

Security presence has since been reinforced in the area, with continuous patrols to prevent further incursions.

Troops Foil Bandits’ Attack, Recover 27 Rustled Animals in Sokoto

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Teenager Dies After Fight with Neighbour in Yobe Community

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Teenager Dies After Fight with Neighbour in Yobe Community

By Zagazola Makama

A 14-year-old boy, Musa Umar, has died following a violent altercation with a neighbour in Jama’are village via Fika in Yobe State.

Security sources said the incident occurred on April 30 at about 10:00 p.m. when Musa engaged in a fight with another minor, Adamu Yusuf, 12, during which he was struck on the head with a stick.

The sources disclosed that the injured boy was initially rushed to Gadaka General Hospital for treatment before being referred to Fika General Hospital due to the severity of his condition.

According to the sources, Musa died on the way to the referral hospital and was later certified dead by a medical doctor.

They added that the body was documented and released to the family for burial following necessary procedures.

The sources further said efforts are ongoing to apprehend the suspect, while investigations have commenced to determine the circumstances surrounding the incident.

Teenager Dies After Fight with Neighbour in Yobe Community

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