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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
2027: I’ll make Adamawa better with my 10-point agenda- Dr Girei
Dr Salihu Girei, a former Director of Research, Development and Centre of Excellence, Tertiary Education Trust Fund (TETfund), has formally declared interest to contest the Governorship seat in Adamawa under the platform of the All Progressives Congress (APC).
Girei made his intention to govern the state known at a press conference in Yola while unveiling a 10-point agenda for the development of the state.
He said if given the mandate he would impact positively in the state especially at the grassroots.
He listed some of the agenda to include: free and quality education at the primary and secondary levels, healthcare service delivery, agriculture, women and youth empowerment, employment opportunities rural development among others.
Girei promised to provide a special salary package for teachers and 100 per cent review of pension for retirees.
He explained that he is presenting himself to the electorate to vote for in order to provide good governance, saying, he has a lot to offer towards improving the wellbeing of citizens of Adamawa State.
According to him, he contributed enormously to the development of the state and country at large for 33 years as a public administrator, and as a policy maker.
“I was Executive Chairman of Adamawa State Universal Basic Education Board, where I was privileged to transform the education landscape, especially at the basic education level.
“I built at least 5,500 classrooms record. Were able to recruit at least 17,000 teachers in four years.
“We promoted teachers that were lagging behind in promotion. We trained and retrained teachers. We did a lot in terms of supervision of teachers and schools”, he said.
He said, based on those factors, he knows Adamawa well and its challenges and has the capacity to deliver for the citizens.
“There is no ward in Adamawa that I have not been to. I’ve visited all in my capacity as Chairman of SUBEB and Commissioner for LG Affairs”, he said.
Dr Girei earlier visited the APC Secretariat to formally declare his intentions to the party Executives and congratulated them for their emergence as the new EXCO.
In his remarks, Alhaji Hamza Madagali appreciated the visit and assured the party’s readiness to conduct free, fair and credible primary elections across all political offices.
2027: I’ll make Adamawa better with my 10-point agenda- Dr Girei
Troops Ambush Terrorist Logistics Suppliers, Recover Items in Borno
By: Zagazola Makama
Troops of Operation HADIN KAI have foiled an attempt by suspected terrorist logistics suppliers along the Ngoshe–Ashigashiya road in Gwoza Local Government Area of Borno State.
Security sources said the troops of 82 Division Task Force Battalion, deployed at Ngoshe, laid an ambush at a known crossing point along the route at about 2:20 a.m. on April 24.
The sources said the troops made contact with suspected Boko Haram/ISWAP logistics suppliers conveying items to terrorist elements and engaged them with disciplined fire.
The suspects were forced to abandon the items and fled in disarray.
Items recovered during exploitation of the area include 10 pairs of women’s slippers, 28 sachets of 500g salt, 39 sachets of powdered milk, a motorcycle tube, a pair of joggers, two pieces of clothing materials measuring 10 yards each, two one-litre containers of engine oil and a black shirt.
The sources said no casualty was recorded on the side of the troops, while casualties on the part of the fleeing suspects could not be immediately ascertained.
They added that the troops returned to base at about 6:00 a.m. after completing the operation.
According to the sources, the general security situation across the theatre remains calm but unpredictable, while troops’ morale and combat efficiency remain high.
Troops Ambush Terrorist Logistics Suppliers, Recover Items in Borno
Troops Repel Terrorist Infiltration in Kanama, Neutralise Four Insurgents
By: Zagazola Makama
Troops of Operation HADIN KAI have repelled a Boko Haram/ISWAP terrorist infiltration into Kanama town, neutralising four insurgents during a swift response operation in Borno State.
Security sources said the incident occurred at about 6:00 p.m. on April 22 when troops of 159 Battalion, deployed in Kanama, responded to sounds of gunfire within the town.
On arrival, the troops reportedly discovered that terrorists had infiltrated parts of the community.
The troops immediately made contact and engaged the attackers with disciplined fire, forcing them to retreat in disarray.
Subsequent exploitation of the general area led to the neutralisation of four terrorists.
One member of the Civilian Joint Task Force (CJTF) sustained injuries during the encounter and has been evacuated for medical attention.
No military equipment was lost during the operation.
Items recovered from the terrorists include two torchlight mobile phones and the sum of ₦21,000.
Security sources said the general situation across the theatre remains calm but unpredictable, while troops’ morale and fighting efficiency remain high.
Troops Repel Terrorist Infiltration in Kanama, Neutralise Four Insurgents
Fairness, unity key to victory in 2027, Chieftain tells APC leadership in Adamawa
2027: I’ll make Adamawa better with my 10-point agenda- Dr Girei
Troops Ambush Terrorist Logistics Suppliers, Recover Items in Borno
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