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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 Rescue Kidnap Victim in Edo During Search Operation

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Troops Rescue Kidnap Victim in Edo During Search Operation

By: Zagazola Makama

Troops of Operation MESA, in collaboration with the Nigeria Police, local vigilantes and hunters, have rescued a kidnapped civilian in Esan North-East Local Government Area of Edo State.

Security sources said the troops, deployed at Forward Operating Base (FOB) Udomi, responded to credible intelligence at about 9:00 a.m. on April 21 regarding the abduction of a civilian in the Amendokhian general area.

The troops immediately launched a search-and-rescue operation and successfully secured the release of the victim.

The victim has since been reunited with family members, while efforts are ongoing to track down and apprehend the perpetrators.

Troops Rescue Kidnap Victim in Edo During Search Operation

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Troops Rescue Kidnap Victim in Benue

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Troops Rescue Kidnap Victim in Benue

By: Zagazola Makama

Troops of Sector 1, Operation WHIRL STROKE (OPWS), have rescued a kidnapped victim following a swift response to a suspected terrorist attack in Katsina-Ala Local Government Area of Benue State.

Security sources disclosed that the troops, deployed at Abaji, acted on a report at about 1:45 p.m. on April 21 regarding an attack at Tumataa community.

On arrival, the troops engaged the suspected terrorists in a gun duel, forcing them to abandon the victim and flee the scene.

The victim was successfully rescued and has since been reunited with family members.

The sources added that troops are sustaining operations in the area to track down the fleeing suspects and prevent further attacks.

Troops Rescue Kidnap Victim in Benue

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Troops Arrest Illegal Arms Manufacturers, Recover Weapons in Plateau

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Troops Arrest Illegal Arms Manufacturers, Recover Weapons in Plateau

By: Zagazola Makama

Troops have arrested two suspected illegal arms manufacturers during a raid on a criminal hideout in Langtang North Local Government Area of Plateau State.

Security sources disclosed that the operation was carried out at about 5:00 p.m. on April 22 at Gwandanu Village, following credible intelligence on illicit arms production in the area.

According to the sources, the suspects were apprehended while actively engaged in the fabrication of weapons.

Items recovered during the operation include two AK-47 rifles, one G3 rifle, two generating sets, a welding machine, a drilling machine, a hand filer and a toolbox, among other items.

The suspects are currently in military custody pending further investigation.

The sources added that troops have intensified efforts to mop up illegally fabricated arms in the general area as part of ongoing operations to curb criminal activities and enhance security in the state.

Troops Arrest Illegal Arms Manufacturers, Recover Weapons in Plateau

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