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
Bego shares Buni’s achievements as journalists take a tour in Yobe
Bego shares Buni’s achievements as journalists take a tour in Yobe
By: Yahaya Wakili
Yobe State in Northeastern Nigeria is one of the states that suffered from the Boko Haram insurgency, but with the support and effort of the security agencies, things are improving a lot.
However, one of the effects of the insurgency was to destroy the local community; the people have suffered, their lives and their livelihoods were destroyed, and many have lost their loved ones.
The State Commissioner of the Ministry of Home Affairs, Information, and Culture, Hon. Abdullahi Bego, disclosed this to a team of journalists who embarked on a media tour organized by the Yobe State government across the state. The tour started with the Kannama modern market, the headquarters of the Yunusari local government area.0

Bego further said that. His Excellency Governor Mai Mala Buni thought that there is a need to rebuild communities to reinvigorate economic activities to ensure that people can go back to their farms and their markets to ensure that they can rebuild their lives.
“Governor Buni is providing a lot of support in terms of agriculture inputs, equipment, and fertilizer, among others, adding that when people finish from their farms, they will come to their market. That is why Governor Buni decided to establish such markets so that we have control where people can transact business.” He said.
Also briefing the journalists, the commissioner of Housing and Rural Development, Architect Ahmed Buba, said since the coming of Governor Buni on board, he has constructed 9 markets and completed five ultramodern markets across the state; these include 4 modern markets that were also constructed in Yunusari, Ngalda, Machina, and Buni Yadi.
He said Yunusari, a befitting market, comprises 96 shops, 146 open stalls, and 46 stalls, where there are houses, meat shops, an administration block, a police station, a fire service station, and a banking hall, and it will boost cross-border regional trade.
The team of journalists also visited the Machina modern market, the Gashu’a-Masaba road, and the 30-kilometer Bulanguwa-Kummagana road, and the Director of Civil Engineering, Alhaji Garba Umar, said the 30-kilometer Bulanguwa-Kummagana road will be completed in the next 10 days, inshallah.
Alhaji Garba Umar revealed that a contractor has completed clearance of one hundred percent of the space and literate base, and now the execution of asphalt for about 20 kilometers is only remaining 10 kilometers.
Malam Madu Ibrahim Yunusari has commended Governor Mai Mala Buni for constructing them a befitting modern market; these, he said, will boost their businesses as well as cross-border regional trade markets with their neighboring countries.
Bego shares Buni’s achievements as journalists take a tour in Yobe
News
Police neutralise two bandits, recover arms in Kaduna
Police neutralise two bandits, recover arms in Kaduna
By: Zagazola Makama
The Police Command in Kaduna State has neutralised two suspected armed bandits and recovered arms and ammunition during a security operation in Giwalga area of Bayan Kogi District.
Sources said the operation followed credible intelligence that a bandit syndicate, allegedly led by one Kachalla Sanusi Bajira, had mobilised its members to attack Idissu Village after the community failed to meet an imposed levy.
According to the sources, operatives of the Anti-Kidnapping Unit, in collaboration with local vigilantes from Idissu Village, were deployed to the area to forestall the attack.
The police said that upon sighting the operatives, the bandits laid an ambush and engaged the security team in a gun duel.
However, the combined team reportedly overpowered the bandits with superior firepower, leading to the neutralisation of two suspects, while others fled into surrounding bushes.
Two AK-47 rifles and five rounds of live ammunition were recovered from the scene during the operation.
The police said the surrounding areas had been cordoned off, while concerted efforts were ongoing to track down and arrest the fleeing suspects.
Investigation into the incident has commenced, the command added, as it reaffirmed its commitment to sustaining the fight against banditry and other criminal activities across the state,”said the sources.
End
News
Advocacy Group Demands Proof of NBMA Chief’s Eligibility
Advocacy Group Demands Proof of NBMA Chief’s Eligibility
By: Michael Mike
A civil society organisation, Citizens Advocacy for Social and Economic Rights (CASER), has formally requested access to the academic and professional records of Bello Bwari, director-general of the National Biosafety Management Agency (NBMA), raising questions about his eligibility to occupy the position.
The request was submitted under the Freedom of Information (FOI) Act to the Federal Ministry of Environment.
CASER said the move was prompted by concerns that the current head of the biosafety agency may not meet the qualifications required by law.
According to the group, the NBMA Act provides that the director-general of the agency must possess at least a master’s degree in biological sciences or a related field, while noting that Bwari is widely known to be a legal practitioner, a background the organisation argues may be inconsistent with the statutory requirements for the role.
In the FOI application, CASER called on the Minister of Environment, Balarabe Lawal, to confirm the director-general’s credentials and make the information available to the public. The organisation stressed that transparency in appointments is essential for maintaining confidence in regulatory institutions.
CASER further warned that failure to clarify the issue could weaken public trust in agencies responsible for biosafety, environmental protection, and biotechnology oversight.
The group added that the matter goes beyond one appointment and reflects broader concerns about compliance with enabling laws in public offices.
Founder of CASER and a human rights lawyer,!Frank Tietie, criticised what he described as the lack of response from professionals in the scientific community. In a recent opinion article, he argued that leadership of a biosafety agency without strong scientific grounding could undermine effective regulation.
Tietie said adherence to the law must be non-negotiable, warning that overlooking statutory provisions risks eroding accountability and institutional integrity.
End
-
News2 years agoRoger Federer’s Shock as DNA Results Reveal Myla and Charlene Are Not His Biological Children
-
Opinions4 years agoTHE PLIGHT OF FARIDA
-
News9 months agoFAILED COUP IN BURKINA FASO: HOW TRAORÉ NARROWLY ESCAPED ASSASSINATION PLOT AMID FOREIGN INTERFERENCE CLAIMS
-
Opinions4 years agoPOLICE CHARGE ROOMS, A MINTING PRESS
-
News2 years agoEYN: Rev. Billi, Distortion of History, and The Living Tamarind Tree
-
ACADEMICS2 years agoA History of Biu” (2015) and The Lingering Bura-Pabir Question (1)
-
Columns2 years agoArmy University Biu: There is certain interest, but certainly not from Borno.
-
Opinions2 years agoTinubu,Shettima: The epidemic of economic, insecurity in Nigeria
