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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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Experts Urge Evidence-Based Energy Reforms as Nigeria’s Transition Debate Intensifies

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Experts Urge Evidence-Based Energy Reforms as Nigeria’s Transition Debate Intensifies

By: Michael Mike

Energy policy experts have called for stronger data-driven decision making in Nigeria’s energy transition process, warning that ambitious climate targets must be balanced with economic realities, job security, and the country’s persistent energy access challenges.

The call was made during a national policy dialogue where researchers presented findings on the economic, environmental, and political implications of different energy transition pathways for Nigeria.

At the event, the Stakeholders Research Workshop on Supporting Just Transition in Nigeria, organized on Tuesday in Abuja by the Ministry of Environment and Society for Planet and Prosperity (SPP), analysts said the study was designed to help guide policymaking by providing empirical insights into how various decarbonisation strategies could impact growth, employment, and emissions.

President of the Society for Planet and Prosperity, Professor Chukwumerije Okereke, said Nigeria’s existing commitments under its Nationally Determined Contributions (NDCs) and Energy Transition Plan (ETP) are ambitious but require stronger technical validation before full implementation.

He noted that current projections suggesting up to 85 percent adoption of electric vehicles by 2060 and large-scale solar electricity generation of about 150 gigawatts may be difficult to achieve under current infrastructure and investment conditions.

“Policy targets are not enough on their own,” Okereke said. “What matters is how these targets will be achieved and what the economic and social consequences will be.”

He added that the research explores multiple transition scenarios, including gas-centered development, renewable-focused expansion, and hybrid energy strategies combining both gas and renewable technologies.

According to him, a balanced transition pathway may be more realistic for Nigeria, allowing the country to gradually reduce emissions while still leveraging its vast natural gas resources to support industrial growth and electricity access.

Researchers also emphasized that Nigeria’s transition strategy must address energy poverty, noting that millions of households still lack reliable electricity supply. They said distributed renewable energy systems, particularly solar mini-grids, could play a crucial role in expanding electricity access to rural and underserved communities.

Energy economists involved in the study explained that their analysis combined energy modelling with macroeconomic projections to assess how different policy choices would influence GDP growth, employment creation, and carbon emissions.

Senior Research Fellow, ODI Global, Dr. Timothy Kelsall said the research does not attempt to predict future outcomes but instead evaluates possible consequences of policy decisions.

“We are not predicting the future,” Kelsall said. “We are showing policymakers what could happen under different scenarios so they can make informed decisions.”

He explained that the study models three major transition pathways — gas-focused transition, renewable-dominated transition, and hybrid energy development — noting that each pathway would create different economic and political impacts across sectors.

Analysts also stressed that energy transition policies must consider Nigeria’s political economy realities, as policy reforms often create winners and losers across industries and interest groups.

Experts warned that abrupt policy changes could trigger economic disruptions, particularly in regions and sectors heavily dependent on fossil fuel revenues. Instead, they recommended a gradual transition supported by investment incentives, industrial development policies, and workforce reskilling programs.

The research also examined the use of savings from fuel subsidy reforms, noting that simply removing subsidies without clear reinvestment strategies would not automatically translate into development gains.

Stakeholders said subsidy savings could be redirected toward renewable energy infrastructure, social protection programs, and industrial development initiatives that support economic diversification.

While Nigeria continues to depend heavily on oil and gas exports for foreign exchange earnings, analysts said diversification efforts remain critical for long-term economic stability.

However, they stressed that natural gas could play a transitional role in supporting electricity generation and industrial expansion while renewable energy capacity continues to grow.

Researchers urged stronger collaboration between government institutions, private sector investors, and civil society organisations to ensure successful implementation of transition policies.

As Nigeria navigates its climate and energy future, experts say the country must pursue a pragmatic energy strategy that balances environmental protection with economic growth and improved access to reliable electricity for its growing population.

Experts Urge Evidence-Based Energy Reforms as Nigeria’s Transition Debate Intensifies

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Nigeria Expands Citizen Feedback Infrastructure as PEBEC, FAAN Launch ReportGov Kiosks at Major Airports

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Nigeria Expands Citizen Feedback Infrastructure as PEBEC, FAAN Launch ReportGov Kiosks at Major Airports

By: Michael Mike

The Federal Government has intensified efforts to strengthen transparency, accountability, and public service efficiency with the reactivation and upgrade of the national ReportGov feedback system across major international airports in Nigeria.

The initiative, driven by the Presidential Enabling Business Environment Council (PEBEC) and the Federal Airports Authority of Nigeria (FAAN), was formally unveiled at the Murtala Muhammed International Airport Terminal 2 in Lagos, with plans to extend the system to airports in Abuja, Port Harcourt, Enugu, and Kano.

Officials said the project is part of broader governance reforms aimed at improving citizen trust in public institutions while enhancing Nigeria’s business environment and service delivery standards across government agencies.

At the unveiling ceremony, PEBEC Director-General Princess Zahrah Mustapha Audu said the reactivation of ReportGov kiosks represents the federal government’s commitment to placing citizens at the center of governance reform.

She explained that the platform is designed to capture real-time complaints, commendations, and service improvement suggestions from citizens while helping government institutions respond faster to service failures.

According to her, institutionalizing feedback mechanisms will help reduce bureaucratic delays, improve inter-agency coordination, and ensure that public service performance is measured by actual service outcomes experienced by citizens.

FAAN Managing Director Olubunmi Kuku described airports as strategic economic gateways where service quality directly affects Nigeria’s international reputation.

She said improving passenger experience is critical for attracting foreign investment, promoting tourism, and strengthening business travel confidence. Kuku added that FAAN would continue supporting initiatives that promote transparency, operational efficiency, and customer-centered service delivery across Nigeria’s aviation facilities, noting that airport efficiency is closely linked to national economic competitiveness.

ReportGov serves as Nigeria’s official national grievance redress platform designed to capture citizen feedback on service delivery challenges across Ministries, Departments, and Agencies.

The newly upgraded physical kiosks will operate 24 hours daily in high-traffic public locations, allowing travellers and citizens to submit complaints, compliments, and policy suggestions directly into government monitoring systems.

Officials said the platform is structured to track complaints from submission to final resolution, helping authorities identify systemic service gaps and discourage unethical practices in public service interactions.

Government reform advocates said the initiative reflects a broader shift toward citizen-centered governance, where public satisfaction becomes a key performance indicator for government institutions.

Stakeholders noted that improving feedback infrastructure is particularly important as Nigeria continues efforts to diversify its economy and strengthen investor confidence in key sectors such as aviation, trade, and services.

Industry analysts said strengthening service delivery at airports is particularly important because aviation facilities serve as Nigeria’s international interface with the global economy. They explained that passengers’ first experiences at airports often shape perceptions about business conditions, investment potential, and tourism opportunities in the country. Improved feedback systems, they said, will help authorities address operational challenges such as passenger processing delays, service quality issues, and infrastructure maintenance gaps.

Officials also emphasized that the expanded deployment of ReportGov kiosks aligns with national anti-corruption and governance reform objectives. By creating structured reporting channels, the government hopes to strengthen transparency, reduce rent-seeking behavior, and improve coordination among agencies responsible for public service delivery.

As Nigeria continues its economic reform and infrastructure development agenda, authorities said citizen feedback will remain a central tool for measuring public service performance and guiding future policy decisions.

Nigeria Expands Citizen Feedback Infrastructure as PEBEC, FAAN Launch ReportGov Kiosks at Major Airports

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KACRAN Calls for Increased Funding for Northeast Development

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KACRAN Calls for Increased Funding for Northeast Development

By: Michael Mike

The Kulen Allah Cattle Rearers Association of Nigeria (KACRAN) has commended the North East Development Commission (NEDC) for demonstrating transparency and accountability following its recently concluded month-long inspection of development projects across the Northeast region.

In a statement released by KACRAN National President Hon. Khalil Mohammed Bello, the association described the inspection exercise as a strong indicator of responsible public administration, noting that comprehensive project verification remains a key test of accountability in public service delivery.

KACRAN stated that the NEDC’s decision to conduct high-level inspections of both ongoing and completed projects reflects a commitment to ensuring that public funds are translated into tangible developmental outcomes for citizens in the region.

The association further praised what it described as the “boldness and confidence” displayed by the Commission during the inspection tour, saying it signals that projects executed by the agency meet required standards and represent value for money.

Of particular interest to KACRAN members are the Commission’s investments in water infrastructure and livestock support projects aimed at improving pastoral livelihoods across the Northeast.

The association noted that such initiatives are critical to sustaining the livestock sector and supporting pastoral communities, while also aligning with President Bola Ahmed Tinubu’s Renewed Hope Agenda, which prioritizes livestock development, food security, and economic diversification.

KACRAN said strengthening livestock production could help reduce Nigeria’s reliance on imported dairy and meat products while positioning the country as a potential exporter of livestock products in the long term.

The group also commended the composition of the NEDC inspection team, which included the Commission’s Governing Board Chairman, Managing Director, and senior directors from finance, operations, and humanitarian affairs. KACRAN said the inclusion of senior management personnel and media representatives during the nearly 30-day inspection tour demonstrates transparency and accountability in governance.

The inspection covered several development sectors including road infrastructure, drainage systems, primary healthcare facilities, educational projects, water points for livestock, and distribution of humanitarian relief materials to internally displaced persons (IDPs).

KACRAN described the NEDC as a model of sincerity and dedication in Nigeria’s public sector, praising the Commission’s efforts toward the rehabilitation and economic recovery of the Northeast region.

The association, however, called on President Bola Ahmed Tinubu to ensure timely and adequate funding for the NEDC to enable the Commission to sustain its development and humanitarian programs.

It stressed that increased funding would strengthen infrastructure development, livestock productivity, peace-building efforts, and humanitarian interventions across the Northeast.

KACRAN Calls for Increased Funding for Northeast Development

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