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
Bandit kill police operative, cart away service weapon in Bukuyum in Zamfara
Bandit kill police operative, cart away service weapon in Bukuyum in Zamfara
By: Zagazola Makama
A mobile police operative attached to Operation Restore Peace has been killed in an ambush by armed bandits in Adabka village, Bukkuyum Local Government Area of Zamfara State.
Zagazola Makama gathered that the incident occurred on Tuesday at about 11:44 a.m. when the officer, deployed from Mopol 15, Ilorin, left his duty location in Adabka en route to Tibis village to purchase essential supplies.
Security sources in Bukkuyum told Zagazola that the operative was attacked at the outskirts of Adabka by armed bandits concealed in the surrounding bushes.
The attackers reportedly opened fire on the officer, killing him instantly before carting away his service riot gun.
“Field teams deployed to the scene recovered the body of the fallen operative, which was evacuated to Adabka Primary Health Care Centre for documentation,” the source said.
Sources said that the mode of attack aligns with operational tactics used by bandit factions linked to the Dan-Karama Gwaska and Dansadau networks, known for precision ambushes and rapid withdrawal.
Bandit kill police operative, cart away service weapon in Bukuyum in Zamfara
News
GSU’s Public Administration Dept hosts maiden int’l conference
GSU’s Public Administration Dept hosts maiden int’l conference
Stakeholders comprising academics, policymakers, security experts and public-sector practitioners have deliberated ways of tackling insecurity in the country through a multi-faceted approach that includes economic empowerment, improved governance, and enhanced security cooperation.
They made the submission during the maiden International Conference organised by the Department of Public Administration, Gombe State University (GSU).
The conference was declared open on Tuesday by Prof. Sani Ahmed Yauta, the Vice Chancellor of the institution who stated that any engagement aimed at proffering solutions to the security challenges of the country was an engagement borne out of the need to fast-track national development and stability.
Represented by the Deputy Vice Chancellor (Administration) Prof. Danladi Umar, Yauta urged participants to leverage the conference to contribute to ongoing efforts at addressing security challenges so as to enhance peace and development in the country.
In his keynote address, Prof. Ibrahim Abubakar Njodi, Secretary to the Gombe State Government, linked good governance to enhanced security and national development.
Njodi stressed that good governance remained a critical tool to earning citizens’ trust needed to maintain peace and to strengthen development across the country.
He stated that discourse around Nigeria’s governance had become imperative in view of the current security challenges confronting the nation and threatening national development.
He stressed the need for subnational governments to drive national development, adding that they have massive roles to play in determining Nigeria’s progress.
“It is the aggregation of subnational experiences—state successes and failures—that ultimately determines Nigeria’s trajectory.”
Njodi cited the Gombe State governance model and how it had contributed to improvement in human capital development as well as the development of the state and therefore resulting in the peaceful status that the state had enjoyed under Gov Inuwa Yahaya of Gombe State’s leadership.
“The state’s development trajectory under Gov. Yahaya offers a practical demonstration of how visionary leadership, institutional innovation and participatory governance can transform a subnational entity within Nigeria’s federal system.
Speaking earlier, the Head of Public Administration Department, Prof. Matthew Funsho Bello, described the event as historic for both the department and the university.
Bello said that the conference’s theme, “Governance, Insecurity and National Development in Nigeria: Issues and Challenges,” was timely given the complexities of the nation’s socio-economic and security challenges.
“This gathering of distinguished scholars, public-sector experts, policymakers and practitioners from across the country marks a major milestone in our collective quest to address the vexing issues affecting our national life,” he said.
According to him, the theme reflects “the urgent need for academia, security agencies and public-sector experts to engage in constructive dialogue on how addressing insecurity and governance can drive sustainable development in Nigeria.
Security experts amongst other professionals made their presentations during the conference which are expected to form part of the recommendations at the end of the two-day event.
Dr Lawal Abdullahi Oladimeji, the Chairman of the Local Organising Committee of the Conference, lauded all participants and invited guests for the success of the maiden event.
Oladimeji said that recommendations from the conference would be given to relevant stakeholders towards enhancing national security and development.
GSU’s Public Administration Dept hosts maiden int’l conference
News
21 villagers abducted in kano communities as Security forces intensify search operation
21 villagers abducted in kano communities as Security forces intensify search operation
By: Zagazola Makama
Twenty-one persons have been abducted by suspected bandits in three villages of Tsanyawa Local Government Area of Kano State.
Zagazola Makama learnt that the coordinated attacks occurred in Sundu, Biresawa and Masaurari villages.
According to community members, two women were taken from Sundu, while five women and two children were abducted at Biresawa.
In Masaurari, nine men and one woman were reportedly seized, bringing the total number of abducted persons to 21 comprising nine men, eight women and two children.
The Police Command in Kano confirmed the attack noting that efforts had been intensified to rescue all victims unhurt.
The sources added that additional operatives had been deployed to the affected axis, while the area was being combed in collaboration with local vigilance groups and other security agencies.
The command assured residents of its commitment to restoring peace and urged the public to provide credible information that could aid ongoing operations.
21 villagers abducted in kano communities as Security forces intensify search operation
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