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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
Governor Buni speaks on primary elections where consensus failed
By: Yahaya Wakili
Governor Mai Mala Buni of Yobe State has revealed that the All Progressives Congress (APC) is open to a fair, credible, and transparent primary election if there is no general agreement on the consensus mode.
Governor Buni started this while commenting on the crisis rocking the party over the governor candidate for the 2027 general election. He said the party has not foreclosed direct election to produce its candidates for the contestable offices for the 2027 general election.
According to him, the party is still working on dialogue; “we are talking to each other and reaching out to the stakeholders, including the aspirants, to arrive at an amicable solution.”
“As the governor of Yobe state, I will be the happiest person to see that the state and party are peaceful and united, noting that we remain citizens of Yobe state and members of APC.
“My expectation is to see us more united and collectively working for our candidates to win the 2027 general elections,” Governor Buni said.
Governor Buni further said, “As a founding member, former secretary, and national chairman of the All Progressives Congress (APC), the unity and progress of the party mean so much to me personally; therefore, I will continue to support and protect the ideals of the party to remain Nigeria’s ruling political party.”
He expressed optimism that the aspirations for public offices in the state are driven by the desire to serve the people for a better and improved life.
Governor Buni speaks on primary elections where consensus failed
Troops Arrest Suspected Kidnapper in Kaduna State, Recover Phone and Cash
By: Zagazola Makama
Troops of Sector 7, Operation Enduring Peace (OPEP), in collaboration with the Civilian Joint Task Force (CJTF), have arrested a suspected kidnapper in Kamuru village in Zangon Kataf Local Government Area of Kaduna State.
Security sources said the arrest was made at about 0330 hours on May 12 during a coordinated operation in the area.
The suspect, identified as Mr. Husaini Jibrin, 45, was reportedly apprehended at Kamuru village over alleged involvement in a kidnapping incident that occurred in Angwan Ali community on April 26, 2026, within the same local government area.
According to the sources, the suspect is believed to be linked to the planning and execution of the abduction, which had triggered security concerns in surrounding communities at the time.
Items recovered from the suspect include one mobile phone and the sum of ₦10,000 in cash.
The military said the suspect is currently in custody and undergoing interrogation as part of ongoing investigations aimed at dismantling kidnapping networks operating in the region.
Authorities added that troops have intensified surveillance and patrol operations across vulnerable communities in southern Kaduna to curb criminal activities and improve public safety.
Operation Enduring Peace continues to conduct joint operations with local security outfits and community-based structures as part of efforts to address insecurity in affected areas.
Troops Arrest Suspected Kidnapper in Kaduna State, Recover Phone and Cash
Troops Repel Attack in Plateau State, Two Residents Killed — Military Launches Manhunt
By: Zagazola Makama
Troops of Sector 6, Operation Enduring Peace (OPEP), have repelled an armed attack on an isolated settlement in Vwang Kagot community in Jos South Local Government Area of Plateau State, in an incident that left two civilians dead.
Security sources said the troops responded swiftly at about 0130 hours on May 12 following reports of an attack by suspected armed assailants on the rural community.
The attackers, reportedly described as suspected armed herdsmen, stormed the settlement and engaged in violent activities before the arrival of security forces.
Upon intervention, troops in collaboration with Keystone Kuru Division forced the assailants to withdraw from the area.
However, the attackers had already killed two residents identified as Ngo Shetu Badung, 78, and Mr. Danjuma Badung, 52, before fleeing the scene.
Following the incident, troops launched clearance operations in the general area and are currently trailing the fleeing suspects.
Military authorities said additional patrols and surveillance measures have been intensified to prevent further attacks and reassure residents of their safety.
Operation Enduring Peace noted that it remains committed to stabilising vulnerable communities across Plateau State and ensuring that perpetrators of violent attacks are brought to justice.
Local security stakeholders have also continued engagements with community leaders to strengthen early warning systems and improve response to emerging threats in rural settlements.
Troops Repel Attack in Plateau State, Two Residents Killed — Military Launches Manhunt
2027: The Dynamics of Consensus Candidates and the Crisis of Succession in Nigeria’s Democratic Party Politics
Governor Buni speaks on primary elections where consensus failed
Troops Arrest Suspected Kidnapper in Kaduna State, Recover Phone and Cash
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