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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
VP Shettima, Governor Buni attend Zulum’s children’s wedding Fatiha in Maiduguri.
By: Yahaya Wakili
Vice President of the Federal Republic of Nigeria, Alhaji Kashim Shettima GCON; His Excellency, Governor Mai Mala Buni CON, COMN; the Speaker of the House of Representatives, Hon. Tajudden Abbas; Deputy President of the Senate, Senator Barau Jibrin; governors; emirs; and other dignitaries attend the wedding Fatiha of the children of Borno State Governor Babagana Umara Zulum in Maiduguri, Borno State capital.
Governor Mai Mala Buni of Yobe State became the Wali of the groom, Muhammad Idi Barde Gubana, the son of the deputy governor of Yobe State, while Alhaji Muhammad Indimi was the Wali to the bride, Aisha Babagana Umara Zulum, the daughter of the governor of Borno State.
The marriage contract was finally sealed after the confirmation of the presentation of the medical certificate of fitness and 12 gold coins, and it was officiated by Imam Shettima Mamman Saleh, the chief imam of the Borno State Emirate Council, who offered prayers to Almighty Allah for the success of the marriage.
Also in attendance were the governors of Gombe, Kaduna, Nasarawa, Kebbi, Zamfara, Sokoto, and Jigawa states as well as the deputy governor of Imo state.
Other dignitaries in attendance include the minister of budget and economic planning, former secretary to the Yobe state government Alhaji Baba Mallam Wali MNI, Ambassador Babagana Kingibe, Speaker of the Gombe state House of Assembly, Yobe state Head of Civil Service Alhaji Abdullahi Musa Shehu, and heads of agencies and parastatals.
The wedding Fatiha also witnesses the royal highnesses and fathers included. His Highness, the Emir of Fika and Chairman of the Yobe State Council of Traditional Rulers, Alhaji Dr. Muhammad Abali Muhammad Idriss, CON, CFR; Emir of Tikau, Alhaji Abubakar Muhammadu Ibn Grema II; Emir of Machina; Damaturu; Gudi; Fune; Jajere; Ngelzarma; as well as over thirty emirs from Borno State
VP Shettima, Governor Buni attend Zulum’s children’s wedding Fatiha in Maiduguri.
Troops conduct clearance operation in Borno
By: Zagazola Makama
Troops of Operation Hadin Kai have carried out a clearance operation targeting suspected insurgent enclaves in Kaga Local Government Area of Borno State.
Security sources said the operation was conducted on April 19 at about 1000 hrs by troops of 29 Task Force Brigade in conjunction with members of the Civilian Joint Task Force (CJTF).
The troops, mounted on Mine-Resistant Ambush Protected vehicles, Armoured Personnel Carriers and gun trucks, advanced from Benisheikh through key routes including Qwayari, Karnakasari, the Camel Route and Mainok axis.
According to the sources, the operation was aimed at clearing suspected Boko Haram enclaves and denying insurgents freedom of movement within the corridor.
However, for now, no contact was made with insurgents during the operation, as the operation continues.
Military authorities said the exercise was part of sustained clearance and domination operations across the North-East theatre.
They added that the overall security situation in the region remained calm but unpredictable, while troops’ morale and operational efficiency remained high.
Troops conduct clearance operation in Borno
Troops arrest four Berom criminal youths involved in causing havoc in Barkin Ladi LGA
By: Zagazola Makama
Troops of Sector 4 (Sub-Sector 41) under Operation Safe Haven have arrested four suspected criminals during a raid operation on an identified hideout in Barkin Ladi Local Government Area of Plateau state.
Security sources said the operation was carried out at about 2115 hrs on April 18 at the NTV Mazat area in Gashish District, following credible intelligence on the activities of suspected criminal elements in the locality.
During the raid, troops stormed the location and apprehended four suspects identified as Aaron Joshua, 21; Ernest David, 21; Ishaya Haruna, 19; and Kyenshak Yakubu, 28.
It was gathered that the suspects were involved in several atrocities and part of the wider network of youths causing havoc in several communities.
The suspects were reportedly taken into custody and subjected to preliminary profiling as part of ongoing investigations to determine their involvement in criminal activities within the area.
Security sources said the raid was part of sustained efforts to dismantle criminal networks and deny them freedom of action in the general area.
Troops arrest four Berom criminal youths involved in causing havoc in Barkin Ladi LGA
VP Shettima, Governor Buni attend Zulum’s children’s wedding Fatiha in Maiduguri.
Troops conduct clearance operation in Borno
Troops arrest four Berom criminal youths involved in causing havoc in Barkin Ladi LGA
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