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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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Troops Neutralise Terrorist, One Vigilante Injured in Sokoto

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Troops Neutralise Terrorist, One Vigilante Injured in Sokoto

By: Zagazola Makama

Troops of the Nigerian Army have neutralised a suspected terrorist during a firefight in Wurno Local Government Area of Sokoto State.

Security sources told Zagazola Makama that the incident occurred at about 12:10 a.m. on April 23 when troops of 8 Division Garrison, deployed at Forward Operating Base (FOB) Marnona, responded to intelligence on terrorist activities at Illela village.

The sources said the troops made contact with the assailants and engaged them in a gun battle.

“Following the exchange of fire, one terrorist was neutralised, while others fled the scene,” the sources said.

They added that a vigilante member who supported the operation sustained a gunshot wound during the encounter and was evacuated for medical attention.

According to the sources, troops have continued to dominate the general area to forestall further terrorist activities.

Troops Neutralise Terrorist, One Vigilante Injured in Sokoto

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285 Graduate From the NOUN Maiduguri Centre

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285 Graduate From the NOUN Maiduguri Centre

By: Bodunrin Kayode

285 students have graduated from the Maiduguri study centre of the National Open University (NOUN) last weekend.

The convocation ceremony which was conducted at the Baga road centre by the director Associate Prof Buba Shani was the largest so far in the history of the Borno centre.

Revealing this in a post convocation chat was the director of centre, Associate Prof Buba Shani who spoke with this reporter on the gains, achievements and the challenges associated with managing the only centre in Borno state.

He revealed that electricity supply from the national grid was the primary challenge he had to face headlong when he took charge adding that it was very obvious power supply affected the daily administration and the conducive nature of the environment for students to study.

To him, a study centre without constant electricity was a big minus on the very academics which the centre was created to support adding that they were very happy to be hooked up with the national grid now.

“But we have been able to get over it because the centre was not on the national grid but we are now connected to the national supplies after almost six years of not having supplies.

” And with support from the North East Development Commission (NEDC) and the NOUN alumni association, we now have a lighted compound where students can read even in the evenings if they wish to.” Said the director.

He said that since he took charge as head of management, the student population has increased from 600 to about 1,200 and they are still counting adding that inspite of the previous instability of the city, students now operate with peace of mind with the stability of the security within the city of Maiduguri.

Above all, Prof Shani noted that he was happy with the existing relationship within the staff and students in the centre, which is ensuring that their studies are smooth.

Restriction of law from NYSC

On restriction of some courses from the National Youth Service Corp (NYSC), he hinted that no course is suffering from that syndrome.

” Whatever applies to the centre applies to the whole country and it is not just in the Maiduguri centre alone.

” But I must tell you that the undergraduate course for law has been scrapped for now and this is a decision of the National Universities Commission (NUC).

“Sadly, the previous management did not do much about ensuring that the course is properly situated and offering it doesn’t become a challenge during their time.

“However, we admit only post graduate courses in law and related courses for now. We would continue to push to get to our expected end at all cost concerning the undergraduate law program ” he concluded.

The Maiduguri study centre has operated for about 22 years defying all the threats of the lingering insurgency in Borno State.

285 Graduate From the NOUN Maiduguri Centre

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2027: I’ll make Adamawa better with my 10-point agenda- Dr Girei

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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

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