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
NEMA Provides Relief to Banditry Victims in Kebbi as Communities Struggle to Recover
NEMA Provides Relief to Banditry Victims in Kebbi as Communities Struggle to Recover
By: Michael Mike
The National Emergency Management Agency (NEMA) has commenced the distribution of emergency relief materials to victims of recent banditry attacks in Kebbi State, offering support to families displaced by a wave of violence that has unsettled parts of the state.
The Director-General of NEMA, Zubaida Umar, flagged off the exercise in Birnin Kebbi, targeting affected residents in Shanga, Yauri and Bunza Local Government Areas. She said the intervention followed a detailed assessment of the affected communities to identify their most pressing needs.

Over the past weeks, suspected bandits reportedly launched coordinated attacks on several villages across the three local government areas. Residents were forced to flee as homes were burnt, food stores destroyed and livelihoods disrupted. Local authorities confirmed casualties and displacement, with many families seeking refuge in neighbouring communities and temporary shelters.
The attacks form part of a broader security challenge confronting parts of northwestern Nigeria, where armed groups have carried out raids on rural settlements, targeting civilians and farmlands. In Kebbi, the violence has compounded existing socio-economic pressures, particularly for farming communities that depend on seasonal harvests for survival.

Speaking at the flag-off ceremony, Umar conveyed the Federal Government’s sympathy to the affected families and the Kebbi State Government. She noted that the relief materials—including food items, bedding and other essential supplies—were provided to cushion the immediate hardship faced by victims.
According to her, the response aligns with the Renewed Hope Agenda of President Bola Ahmed Tinubu, which prioritises prompt humanitarian assistance and citizen welfare. She reaffirmed the government’s commitment to supporting vulnerable populations impacted by insecurity and other disasters.
Representing the Emir of Gwandu, the Wazirin Gwandu, Alhaji Abubakar Umar, commended the Federal Government and NEMA for what he described as a timely and compassionate intervention. He urged beneficiaries to make judicious use of the items while praying for lasting peace in the affected communities.
Also speaking, the Wife of the Kebbi State Governor, Hajiya Zainab Nasare Nasir, said the support would help restore hope to displaced families and ease the burden on host communities.
The distribution exercise is part of ongoing efforts by NEMA to mitigate the humanitarian consequences of insecurity and strengthen support systems for crisis-affected populations across the country.
NEMA Provides Relief to Banditry Victims in Kebbi as Communities Struggle to Recover
News
Zulum Unveils Infrastructure Push as World Bank Reaffirms Development Support for Borno
Zulum Unveils Infrastructure Push as World Bank Reaffirms Development Support for Borno
By: Michael Mike
Borno State Governor, Prof. Babagana Zulum has reiterated his administration’s commitment to post-conflict reconstruction and sustainable development following the commissioning of multiple infrastructure and education projects across the state, amid growing international development partnerships.
The projects were formally inaugurated by the Nigeria Country Director of the World Bank, Dr. Mathew Verghis, who described the investments as critical milestones in strengthening human capital development and economic resilience in regions recovering from insurgency.

Verghis praised the Borno State Government for prioritising education and infrastructure as pillars of recovery, noting that long-term stability in conflict-affected regions depends largely on access to quality education, functional infrastructure, and inclusive economic opportunities.
The newly inaugurated facilities include three modern mega schools designed to expand access to quality learning for children in vulnerable communities, as well as major road infrastructure projects aimed at easing movement within Maiduguri metropolis.

The educational facilities include the Government Secondary School Mainusari, the Mega Primary School Maimusari, and the Command Secondary School Maiduguri, all equipped with modern classrooms, learning materials, and student support facilities.
The infrastructure component of the project covers the West End flyover bridge and three major dual carriageway roads spanning Sultan Mainalari, Bursari, and Shehu Sanda Kura corridors. State officials say the roads will improve traffic flow, boost commerce, and enhance security surveillance within the city.
Speaking at the commissioning ceremony, Zulum said his administration is deliberately investing in education as a strategic tool for social transformation. He explained that decades of insurgency had severely damaged school infrastructure and disrupted learning for millions of children.
He disclosed that more than 5,000 classrooms were destroyed during the conflict, displacing thousands of students. To address the challenge, the state government has embarked on massive reconstruction efforts, building new schools while rehabilitating damaged facilities across rural and urban communities.
The governor also highlighted several social intervention programmes aimed at supporting students’ retention in school. These include the distribution of millions of exercise books and textbooks, provision of school uniforms and learning bags, and the expansion of school feeding programmes targeting thousands of pupils annually.

Zulum further stated that vocational and technical education has been prioritised to address youth unemployment. According to him, the state has established multiple vocational training institutes and entrepreneurship schools for women and youth, designed to promote skills acquisition and small business development.
Community leaders, education stakeholders, and development partners attending the event described the projects as a confidence-building step for displaced communities gradually returning to normal life after years of instability.
Observers say the growing partnership between Borno State and international development organisations signals stronger support for recovery, governance reforms, and sustainable growth in the North-East region.
Zulum Unveils Infrastructure Push as World Bank Reaffirms Development Support for Borno
News
NESREA Seals Abuja Quarry After Death of 10-Year-Old
NESREA Seals Abuja Quarry After Death of 10-Year-Old
The National Environmental Standards and Regulations Enforcement Agency (NESREA) has shut down Dai Jin Jia Quarry located in ACO Village along Airport Road, Abuja, following the tragic death of a 10-year-old boy during a blasting operation.
The incident, which occurred on Friday, February 27, 2026, prompted immediate intervention by the agency after it received reports of the fatality linked to activities at the quarry site.
Addressing journalists, the Director of Environmental Quality Control, Mr. Elijah Udofia, who spoke on behalf of the Director-General, Prof. Innocent Barikor, described the development as deeply troubling. He revealed that the facility had previously been sealed by NESREA last year for regulatory breaches but allegedly continued operations in defiance of enforcement directives.
According to him, the agency’s preliminary investigation—conducted alongside officers from the ACO Division of the Nigeria Police—uncovered serious regulatory violations. He stated that the quarry failed to present a documented Blasting Operation Plan and could not provide records of its Charge Load Density (CLD), which details the quantity of explosives used during blasting. These lapses, he noted, constitute violations of Regulation 23 of the National Environmental (Quarrying and Blasting Operations) Regulations, 2013.
Udofia further disclosed that the facility’s warning alarm system, which is required to alert surrounding residents before blasting activities, was found to be faulty at the time of inspection. He emphasized that the absence of such a critical safety measure may have contributed to the tragic outcome.
“It is distressing that despite prior warnings and enforcement actions, the company continued operations in ways that endanger lives and contravene national environmental laws,” he said, adding that the quarry has now been sealed again pending the outcome of a full investigation.
NESREA assured the public that all responsible parties would be held accountable in accordance with the law. The agency also reiterated its commitment to safeguarding host communities and ensuring strict compliance with environmental standards across the country.
The enforcement body called on operators within the quarrying sector and other industries to strictly adhere to national environmental regulations, warning that negligence and non-compliance will attract decisive sanctions.
The agency stressed that protecting lives, communities, and the
NESREA Seals Abuja Quarry After Death of 10-Year-Old
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