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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
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
Nigeria Advised to Treat Wildlife Crime as National Security Threat
Nigeria Advised to Treat Wildlife Crime as National Security Threat
By: Michael Mike
Nigeria has been urged to treat wildlife trafficking and illegal exploitation of biodiversity as a major organized crime threat capable of undermining national security, economic stability and sustainable development.
The Country Representative of the United Nations Office on Drugs and Crime, Cheikh Touré, gave the warning in Abuja during the commemoration of World Wildlife Day, stressing that wildlife crime now operates as a sophisticated international criminal network rather than merely an environmental issue.
Touré said the illegal trade in wildlife and plant species continues to weaken ecosystems, fuel illicit financial flows and erode the economic potential of countries rich in biodiversity such as Nigeria.
According to him, wildlife crime has evolved into a serious transnational organised crime that threatens the rule of law and deprives communities of valuable natural resources that support livelihoods and sustainable development.
He explained that Nigeria’s rich biodiversity, including valuable medicinal and aromatic plants used for traditional healthcare and economic activities, faces increasing pressure from illegal trade, habitat destruction, climate change and unsustainable harvesting.
Touré, however, acknowledged recent legislative progress made by Nigeria, particularly the passage of the Endangered Species Conservation and Protection Bill, describing it as a major step toward strengthening the country’s legal framework for biodiversity protection.
Despite this progress, he stressed that legislation alone would not stop wildlife crime unless it is backed by effective enforcement, improved institutional capacity and stronger public awareness.
He noted that combating wildlife trafficking requires coordinated partnerships among government institutions, civil society organisations, international agencies and local communities.
The UNODC official also highlighted the organisation’s efforts to mobilise young Nigerians in conservation advocacy through the #BeWildForNature campaign launched in 2024.
Through a competitive process, selected youths were incorporated into a mentorship programme where conservation experts provided training on digital advocacy, wildlife protection and community mobilisation.
According to Touré, the initiative has helped build a network of young environmental advocates now driving conservation campaigns and community outreach programmes across Nigeria.
Speaking at the event, the United Nations Resident and Humanitarian Coordinator in Nigeria, Mohamed Fall, said the protection of biodiversity is directly linked to human health, economic stability and environmental sustainability.
Represented by the UNICEF Representative in Nigeria, Wafaa Saeed, Fall noted that medicinal plants remain a primary healthcare resource for millions of people and are deeply embedded in traditional knowledge systems and local economies.
However, he warned that biodiversity loss, environmental degradation and climate change are threatening these critical natural assets, making conservation an urgent development priority.
He added that protecting biodiversity contributes directly to the achievement of the United Nations Sustainable Development Goals, including goals related to health, climate action and environmental protection.
Also speaking, Onah Bisong of the Federal Ministry of Youth Development (Nigeria) said the Federal Government recognises the important role of young people in advancing environmental sustainability.
Bisong stressed that Nigerian youths must be empowered to champion biodiversity protection through innovation, advocacy and community engagement, noting that such efforts can also create green jobs and support economic growth.
He added that young Nigerians are not merely beneficiaries of the country’s natural resources but critical partners in ensuring that those resources are protected for future generations.
Nigeria Advised to Treat Wildlife Crime as National Security Threat
News
FG Evacuates 1,230 Stranded Nigerians from Niger
FG Evacuates 1,230 Stranded Nigerians from Niger
By: Michael Mike
The Federal Government has successfully evacuated 1,230 stranded Nigerians from neighbouring Niger, reinforcing its commitment to protecting citizens abroad amid emerging regional challenges.
The evacuation, coordinated by the Nigeria’s Ministry of Foreign Affairs, involved the voluntary repatriation of Nigerians who had been stranded in Niamey, the capital of Niger Republic.
According to a statement on Wednesday by the spokesperson of the ministry, Kimiebi Ebienfa, the returnees arrived in Nigeria in two separate batches. The first group of 708 Nigerians was received on March 23, 2026, while the second batch of 522 arrived on March 29, bringing the total number of evacuees to 1,230.
He said the humanitarian operation was carried out in partnership with the International Organization for Migration, whose logistical and technical support ensured the smooth movement and reception of the returnees.
On arrival in Kano, the evacuees were received by a coordinated team of government agencies and humanitarian partners tasked with ensuring an orderly reception and immediate support for the returning citizens.
Agencies involved in the reception included the National Commission for Refugees, Migrants and Internally Displaced Persons, National Emergency Management Agency, National Agency for the Prohibition of Trafficking in Persons, Nigeria Immigration Service and the Nigeria Security and Civil Defence Corps.
Other participating bodies were the International Committee of the Red Cross, the Nigeria Police Force and the Department of State Services, as well as officials from the Kano and Katsina state governments.
The returnees were subjected to profiling at the airport to document their details and enable appropriate reintegration support. They were later moved to the Immigration Training School in Kano where temporary accommodation, meals, medical attention and other basic necessities were provided.
Authorities said the evacuees were subsequently discharged after completing the necessary procedures and reunited with their families.
The Ministry noted that the evacuation underscores the Federal Government’s broader responsibility to ensure the safety and dignity of Nigerians wherever they may be, particularly in situations that pose humanitarian risks.
It also expressed appreciation to the Government of Niger for its cooperation throughout the evacuation process, noting that such collaboration reflects the enduring diplomatic and humanitarian ties between both countries.
The ministry further commended international partners, particularly the International Organization for Migration and the International Committee of the Red Cross, for their continued support in addressing migration and humanitarian challenges.
Nigerian citizens residing abroad were urged to respect the laws of their host countries and maintain regular contact with Nigerian diplomatic missions to facilitate timely assistance in emergency situations.
FG Evacuates 1,230 Stranded Nigerians from Niger
News
FG Declares April 3 and 6 Public Holidays for Easter
FG Declares April 3 and 6 Public Holidays for Easter
By: Michael Mike
The Federal Government has declared Friday, April 3, and Monday, April 6, 2026, as public holidays to enable Christians across the country celebrate Easter.
The announcement was made by the Minister of Interior, Olubunmi Tunji-Ojo, on behalf of the Federal Government, according to a statement issued by the Permanent Secretary of the Federal Ministry of Interior (Nigeria), Magdalene Ajani.
The minister congratulated Christians in Nigeria and in the diaspora on the celebration, describing Easter as a period that reflects the enduring values of sacrifice, renewal and hope.
He urged Nigerians to emulate the virtues of selflessness, forgiveness, patience and love as demonstrated in the life and teachings of Jesus Christ.
Tunji-Ojo also called on citizens to strengthen the spirit of tolerance, unity and peaceful coexistence, stressing that these values remain critical to national cohesion.
According to him, the Federal Government remains committed to policies and decisions aimed at promoting national renewal, economic growth and shared prosperity for all Nigerians.
He further wished Christians across the country a peaceful and joyful Easter celebration.
Easter is one of the most significant events in the Christian calendar, commemorating the resurrection of Jesus Christ and symbolising victory over death and the promise of new life for believers.
FG Declares April 3 and 6 Public Holidays for Easter
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