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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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Nigeria: MSF/Borno Govt. Vaccinates 350,000 Children Against Diphtheria in Maiduguri

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Nigeria: MSF/Borno Govt. Vaccinates 350,000 Children Against Diphtheria in Maiduguri

By: Our Reporter

The humanitarian medical organization Médecins Sans Frontières (MSF) and the Borno State Ministry of Health have successfully completed a vaccination campaign against diphtheria targeting children up to 14 years old in Maiduguri Metropolitan Council (MMC), Borno State, northeast Nigeria.

The campaign began with a first round from 9 to 15 February 2026, which reached 490,000 children, far exceeding the initial target of 387,000. A second round was conducted from 9 to 15 April 2026, targeting 360,000 children reached during the first round to strengthen immunity. Despite the high number of children reached, limited vaccine availability constrained the scale of response.

Nigeria is grappling with one of its most severe diphtheria epidemics in history, with the National Centre for Disease Control (NCDC) reporting 65,759 suspected cases and 2,229 deaths as of 22 March 2026 since May 2022 and officially declaring an outbreak in 2023. In Borno State, one of the most affected areas, MSF has treated more than 7,400 suspected cases since 2023, with 4,200 treated in the past year alone. Furthermore, MSF is treating thousands of people suspected or confirmed to have diphtheria across the country, in close collaboration with state Ministries of Health, and currently supports activities in Bauchi, Borno, Kano, and Sokoto states.

Diphtheria is an acute infectious disease that spreads primarily through respiratory droplets or contact with infected wounds. Symptoms include a sore throat, fever, swollen lymph nodes, and a thick grey membrane in the throat that can obstruct breathing. In severe cases, the bacterial toxin can damage the heart, nerves, and kidneys, potentially leading to complications such as paralysis. For unvaccinated persons without proper treatment, diphtheria can be fatal in around 30% of cases, with young children at higher risk of dying.

MSF supported the Borno State Ministry of Health to run the vaccination campaign, providing comprehensive logistical support including vaccine storage, transportation, and remuneration for vaccination teams; health promotion and awareness activities; and program supervision. The Ministry of Health provided the vaccines used in the campaign. This collaborative effort ensured high coverage, with communities responding enthusiastically to outreach efforts across both rounds.

“This vaccination will help to significantly boost immunity levels of children below 14 years old in Maiduguri, the area responsible for most of the diphtheria cases we saw in our treatment center. This proactive step is essential to controlling and preventing the disease,” said MSF emergency coordinator for the project, Nao Muramoto.

In addition, MSF supported the diphtheria treatment unit (DTU) at Maiduguri Teaching and Training Hospital in collaboration with the Ministry of Health. The DTU saw a surge in suspected cases during the campaign, reflecting heightened awareness and improved referrals by community health workers during the vaccination efforts.

“Sustained routine immunization against diphtheria, improved access in volatile areas, and tackling vaccine hesitancy remain essential to prevent future surges of vaccine-preventable diseases like diphtheria. “Access to more vaccines is needed, as efforts to reach the children of Borno State should remain a priority to avoid further contaminations, to cut the transmissions, and to save lives,” concludes Nao Muramoto.

Beyond its support to diphtheria treatment and vaccination, MSF also supports the Comprehensive Emergency Obstetric and Newborn Care (CEmONC) in Maiduguri, a 60-bed referral maternity and obstetric emergencies hospital with an intensive care unit (ICU) and neonatal ICU, and the Shuwari Primary Healthcare Centre and the Nilefa Kiji nutrition hospital, where our teams treat children under five suffering from severe and moderate acute malnutrition with medical complications.

Nigeria: MSF/Borno Govt. Vaccinates 350,000 Children Against Diphtheria in Maiduguri

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Fiscal Storm: ActionAid Slams ₦34trn Revenue Deductions, Calls for Transparency

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Fiscal Storm: ActionAid Slams ₦34trn Revenue Deductions, Calls for Transparency

By: Michael Mike

ActionAid Nigeria has called for an urgent forensic audit of Nigeria’s revenue management system following revelations that more than ₦34 trillion was deducted from federal earnings before allocation to the three tiers of government.

The organisation said the scale of the deductions—accounting for over 40 per cent of federal revenue in recent years—points to systemic weaknesses in public financial management and poses a serious threat to fiscal stability and development financing.

In a statement issued on Thursday, ActionAid said findings by the World Bank confirmed that a significant portion of government income is being absorbed through pre-distribution charges, including cost-of-collection frameworks and agency remittances, with limited transparency on their composition and utilisation.

“These findings reinforce long-standing concerns about Nigeria’s widening fiscal constraints and rising debt burden,” the group said. “The persistence of large-scale revenue leakages represents both a governance failure and a missed opportunity to strengthen fiscal stability.”

According to the organisation, the deductions—estimated at more than ₦34 trillion—have continued to rise alongside government revenues, leaving federal, state, and local governments with significantly reduced resources to fund public services.

ActionAid warned that the trend is worsening Nigeria’s reliance on borrowing, citing projections by the International Monetary Fund that the country’s debt-to-GDP ratio could climb to 33.1 per cent by 2027.

“The widening gap between gross revenue and distributable income is constraining development financing and increasing dependence on debt,” the statement added.

The group expressed particular concern over what it described as “opaque and fragmented” revenue channels, noting that substantial portions of national income pass through multiple layers before reaching the Federation Account.

It said the lack of public disclosure around these deductions—including their justification, structure, and end-use—raises critical accountability questions.

“There is limited transparency on how these funds are managed,” the organisation stated. “This opacity weakens fiscal oversight and undermines public trust in governance.”

ActionAid also pointed to broader implications for national development, warning that reduced public revenue is limiting government capacity to invest in essential sectors such as healthcare, education, security, and social protection.

The Country Director of ActionAid Nigeria, Andrew Mamedu, said the consequences are already being felt by millions of Nigerians.

“For citizens grappling with rising inflation, declining purchasing power, and economic hardship, the continued reduction in available public resources means fewer investments in essential services,” he said.

He added that weakening fiscal capacity is also exacerbating insecurity, as economic pressures fuel crime, displacement, and social instability.

“At a time when livelihoods are becoming more fragile, the erosion of public revenue further limits the government’s ability to respond effectively to these challenges,” Mamedu said.

The organisation further criticised the lack of transparency surrounding major public expenditures, citing concerns over projects such as the Nigeria Revenue Service building, where cost details and procurement processes have not been publicly disclosed.

“Citizens have a right to know how public funds are utilised,” the group said, stressing that accountability must extend beyond revenue collection to expenditure.

ActionAid warned that without urgent reforms, Nigeria risks entrenching a system where public resources are consistently depleted before they can deliver meaningful impact.

“The continued expansion of unchecked deductions poses a direct threat to equitable development, fiscal stability, and public trust,” it said.

To address the issue, the organisation called on the Federal Government to undertake a comprehensive and transparent review of all revenue deduction frameworks, with a view to ensuring accountability and efficiency.

It also demanded the immediate publication of detailed breakdowns of all deductions, strengthened independent oversight of revenue-generating agencies, and reforms to eliminate systemic leakages.

In addition, ActionAid urged the National Assembly to intensify its oversight role through public hearings and scrutiny of deduction structures, while calling on state governments, civil society, and the media to increase pressure for transparency.

“An independent forensic audit of all deduction mechanisms is critical to restoring public confidence,” the organisation said.

ActionAid added that Nigeria’s development trajectory depends not only on revenue generation but on how effectively public resources are managed and deployed.

“This is not just a fiscal issue; it is a matter of justice,” Mamedu said. “Every naira that fails to reach essential services denies Nigerians access to healthcare, education, and dignity.”

Fiscal Storm: ActionAid Slams ₦34trn Revenue Deductions, Calls for Transparency

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Troops rescue two kidnapped victims in Benue

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Troops rescue two kidnapped victims in Benue

By: Zagazola Makama

Troops of Sector 1 under Operation Whirl Stroke (OPWS) have rescued two kidnapped victims in Ukum Local Government Area of Benue State.

Security sources said the incident occurred at about 3:50 a.m. on April 15 when troops deployed at Kyado responded to a distress call on kidnapping activities in the area.

According to the sources, the troops swiftly moved to the scene, prompting the kidnappers to abandon their victims and flee.

The sources added that the troops successfully rescued the two victims and reunited them with their families.

Security operations have been intensified in the area to track down the fleeing suspects and prevent further incidents.

Troops rescue two kidnapped victims in Benue

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