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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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Troops repel series of attacks by ISWAP in Borno, terrorists suffer casualties, as Borno residents celebrate

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Troops repel series of attacks by ISWAP in Borno, terrorists suffer casualties, as Borno residents celebrate

By: Zagazola Makama

Nigerian troops have successfully repelled coordinated attacks by Islamic State West Africa Province (ISWAP) fighters on multiple military positions across Borno State, including Maiduguri, Damboa, Baga, and Buratai, early Saturday, security sources confirmed.

At about 12:00 a.m., ISWAP attempted to attack troop positions on the outskirts of Maiduguri near Dala Ajilari Cross. The incursion was met with swift resistance by troops of Operation Hadin Kai, in collaboration with joint forces from Police Crack Squad, CJTF, NSCDC, and local hunters. Residents reported sporadic gunfire and significant military activity on the city outskirts.

At about 1:10 a.m., insurgents launched an assault on the 135 Special Forces Battalion in Buratai, Biu LGA, engaging troops in heavy gunfire for nearly two hours.

The attackers reportedly attempted to breach the military facility using multiple assault groups supported by heavy weapons and technical vehicles. Troops mounted a robust defence, forcing the insurgents to withdraw. A fire broke out in one of the military facilities after a projectile struck the building.

Simultaneously, ISWAP targeted the Brigade Headquarters and positions in the Baga–Mile 4 axis, including locations linked to the Special Boat Service (SBS), which secures Lake Chad waterways. Insurgents employed gun trucks, motorcycles, and rocket-propelled grenades in attempts to overwhelm defensive positions. Troops responded with coordinated firepower, inflicting heavy casualties on the terrorists and forcing them to disengage.

A source in Baga said, “We inflicted heavy casualties on the terrorists. The battle began at about 1:10 a.m. and lasted nearly two hours. Many of them were killed. They tried to remove some of their dead, but several corpses were left behind.”

The successful defence has sparked celebrations among Borno residents, who came out in large numbers to cheer troops in Maiduguri.

Residents expressed relief and renewed confidence in the military’s ability to secure their communities. The Youths joined in spontaneous celebrations and chanting support for the troops.

Troops repel series of attacks by ISWAP in Borno, terrorists suffer casualties, as Borno residents celebrate

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Usman Takes Over as Environment Ministry Permanent Secretary, Seeks Stronger Collaboration

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Usman Takes Over as Environment Ministry Permanent Secretary, Seeks Stronger Collaboration

By: Michael Mike

The newly appointed Permanent Secretary of the Federal Ministry of Environment, Salihu Aminu Usman, has officially assumed duty, pledging to strengthen collaboration within the ministry and across the nation’s environmental sector.

Usman made the call during a brief handover ceremony, where he urged staff, agencies and stakeholders to work together to advance environmental policies and programmes aimed at sustainable national development.

He stressed that the ministry’s mandate cannot be effectively achieved without collective commitment and teamwork, noting that cooperation among all actors in the sector is critical to delivering meaningful results.

The new Permanent Secretary assured staff that he would build on the achievements and institutional structures established by his predecessor, while focusing on staff development, professionalism and improved welfare.

According to him, strengthening the capacity and motivation of workers in the ministry will remain central to achieving the ministry’s environmental protection and sustainability goals.

In his remarks, the outgoing Permanent Secretary, Mahmud Adam Kambari, described the Federal Ministry of Environment as an institution blessed with experienced and dedicated personnel.

He thanked the management and staff for the support and cooperation he received during his tenure and encouraged them to extend the same level of commitment to the incoming Permanent Secretary.

Kambari expressed confidence in Usman’s leadership ability, describing him as a professional with strong credentials and an amiable personality capable of sustaining the progress made in the ministry.

He also commended the Minister of Environment, Balarabe Abbas Lawal, describing him as an inspiring leader and mentor whose guidance contributed to the successes recorded during his time in office.

Speaking on behalf of the ministry’s management and staff, the Director of Special Duties, Mrs. Adenopo, expressed appreciation to Kambari for his leadership and contributions to the ministry.

She noted that his tenure witnessed important achievements that strengthened the ministry’s profile and institutional capacity.

Adenopo welcomed Usman to the ministry and assured him of the unwavering support and cooperation of the workforce.

She expressed confidence that his leadership would consolidate existing gains and guide the ministry toward greater progress in addressing Nigeria’s environmental challenges.

Usman Takes Over as Environment Ministry Permanent Secretary, Seeks Stronger Collaboration

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Joint security forces arrest two suspected gunmen during clearance operation in Bauchi

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Joint security forces arrest two suspected gunmen during clearance operation in Bauchi

By: Zagazola Makama

Troops of the Nigerian Army and other joint security agencies have continued clearance operations in Alkaleri Local Government Area of Bauchi State, resulting in the arrest of mysuspected gunmen.

Security sources said the operation was carried out through a joint effort involving the army, the Nigeria Police Force, forest guards and personnel of the Nigeria Security and Civil Defence Corps.

The coordinated security operation was conducted in Mansur and Gwana areas of the local government area as part of ongoing efforts to clear criminal elements from communities in the area.

According to the sources, the joint security team raided suspected hideouts during the operation and successfully apprehended at least two suspected armed criminals.

Residents of nearby communities, including Duguri town in Alkaleri LGA, commended the security forces for their sustained efforts in restoring peace and protecting lives and property.

Community members also praised the sacrifices of Nigerian security personnel who operate in difficult and dangerous environments to safeguard communities and ensure stability.

They prayed for continued protection and strength for the troops and other security operatives as they carry out their duties in defence of the nation.

Joint security forces arrest two suspected gunmen during clearance operation in Bauchi

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