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
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
Zulum Dissolves Borno State Executive Council
Zulum Dissolves Borno State Executive Council
By: Our Reporter
Borno State Governor, Professor Babagana Umara Zulum, has approved the immediate dissolution of the State Executive Council.
The decision is to provide an enabling environment for any member of the council who may wish to contest elective positions in the forthcoming general elections.
The Governor has therefore directed all Commissioners to hand over the affairs of their respective ministries to the Permanent Secretaries on or before Friday, April 3, 2026.
Governor Zulum expressed his profound appreciation to the outgoing Commissioners for their dedication, commitment, and invaluable contributions to the development and service of the people of Borno State.
Zulum Dissolves Borno State Executive Council
News
How corp member Samuel Orji bowed to humanity at the recent Monday market tragedy
How corp member Samuel Orji bowed to humanity at the recent Monday market tragedy
By: Bodunrin Kayode
Corp member Samuel Orji is not new to Monday market because he was raised in a restaurant right in front of the place as a kid because his mother used to be a food vendor to the traders within the vicinity.
Till the day of his death, he had friends and associates along the popular Ahmadu Bello way right down to Ali Kotoko Street where traders used to patronize his mother’s buka food.

But his mother have since left the town for Abuja leaving him and his brother Steve because he was still a student attending Ramat Polytechnic where he studied Electrical engineering when she left.
Having grown up in Maiduguri, he already knew that Improvised explosive devices IED could explode at any time during the day but never knew a semblance of the worse days could return to the city of yerwa.
For people who grew up in Maiduguri, the worse days are really over when everyone goes home before six pm so he was obviously rounding off his hustling that night when the explosion went off on Ahmadu Bello way which hit his legs and brought him down.

Though we all share a common humanity, living in the north east war theatre of hadin kai, we all go out each day for our daily bread not knowing what the end of the day will be like but taking each day as it comes.
Likewise, when corp member Samuel Orji left the house of his next of kin in Maduganari that fateful black Monday, he never planned not to return home, but as fate would have it, he was one of the victims that got hit by the suicide bomb explosion in front of the Monday market.
After being called up to the National Youth Service Corp (NYSC) with number NYSC/RPM/25/185709, the young Orji was still serving at the engineering department of the Nigerian television authority (NTA) Potiskum in Yobe state when he lost his life.
Orji with YB/25B/1003 now serving in Damaturu found himself in Maiduguri the weekend before that black Monday because he had taken a pass to spend the public holiday with his brother and next of kin Stephen Orji who lives in Maduganari a suburban area of Maiduguri.
Speaking with this reporter after the tragedy, Borno State coordinator of the NYSC Bashir Nasir said the entire tragedy was a shock to him after a long spell of calmness in the city.
As soon as the incident happened, he was contacted by his headquarters (HQ) in Abuja to conduct a census of his Corp members to ensure all was well and report back to them.
It was in the process that he realized that his team was fine and that the fellow that died was indeed a Corp member but was serving the nation from Damaturu and that he had died as a result of the Monday blast on Ahmadu Bello way at the entrance of the market place.
“I quickly went into action by visiting all the places I know my corp members are based. And I was sure the fellow was not serving here in Borno after the roll call.
” Later a call came from his next of kin Steve to one of our staff in Yobe who indeed linked up with us here and that was when it was ascertained that Samuel Orji was a corp member serving in Yobe.
” I then went to the home of his next of kin Stephen Orji at Maduganari and that was how we took charge by handling all the preliminary expenses to ensure he is taken home for burial.
” The Yobe axis arranged for an ambulance and staff to convey his corpse to Enugu on Monday last week for burial.
” As a result of that triple blast I had to halt routine activities of corp members in the state except the medical officers among them who were released to assist in the hospitals on the condition that management will release ambulances from them to go and return safely to their bases. ” Said the state coordinator.
Challenges of the Corp in Borno state
The main challenge is obviously tied to their security which is why they are using the Arabic Teachers secondary school as a temporary location for now.
The original location has been tendered not usable after idps used it from 2012 to 3021
However, the governor in his magnanimity has given them a new camp of one km by one Km at Auno in the outskirts of the city.
Meanwhile the coordinator who would be one year next month since he assumed duty hinted that 506 Corp members of the batch A stream one of 2005 will pass out this week on the 31st of March.
Another bold set of Corp members of the batch A stream one of 2026 will however be sworn in on the 22nd April.
How corp member Samuel Orji bowed to humanity at the recent Monday market tragedy
News
Tension in jos north council area as government slams curfew over sunday’s killings in Plateau
Tension in jos north council area as government slams curfew over sunday’s killings in Plateau
By: Bodunrin Kayode
Reports coming from Jos North council area of plateau State indicates that there is palpable tension in the city as suspected gunmen on motorcycle allegedly opened fire on some residents of Angwan Rukubu area Sunday evening.
The unprovoked shooting of innocent citizens caused serious pandemonium in the area forcing many residents to flee from the scene and avoided the general area until late at night when the government resultantly slammed a curfew in the area.
Residents were advised to avoid wandering around the general area from tomorrow in view of the incident so as not to fall victim of possible reprisals by young residents of the area.
PLATEAU STATE GOVERNMENT ORDERS 48 HOURS CURFEW IN JOS NORTH COUNCIL AREA
Reacting to the situation, the government has placed a 48 hour curfew on the area which is highly tensed according to eye witnesses for now.
A release signed by the Commissioner of information Joyce Ramnap stated that “Following the tragic security incident that occurred at Gari Ya Waye community Angwan Rukuba today Sunday 29th March 2028 resulting in the loss of lives, while several others sustained varying degrees of injuries.
”The Plateau State Government in conjunction with security agencies wishes to inform the general public of the imposition of a 48 hour curfew within Jos North Local government Area with immediate effect, commencing from 12 midnight of 29th March, to 1st April, 2026.
“The government under the leadership of His Excellency, Governor Caleb Manasseh Mutfwang strongly condemns this barbaric and unprovoked attack on innocent citizens and assures the public that all necessary measures are being taken to apprehend the perpetrators and bring them to justice.
“Citizens are urged to remain calm, stay vigilant, and cooperate fully with security agencies by providing any useful information that may aid ongoing investigations.” Noted the release.
Tension in jos north council area as government slams curfew over sunday’s killings in Plateau
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