Connect with us

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

Published

on

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

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

News

River guard killed in Yobe, police begin investigation

Published

on

River guard killed in Yobe, police begin investigation

By: Zagazola Makama

A 40-year-old man, Musa Mohammed, has died after being allegedly attacked and thrown into a river by unknown assailants in Bursari Local Government Area of Yobe State.

Residents of Girim Village, Ya’u Gambo and Adamu Muhammad, told Zagazola Makama that the incident occurred at about 8:00 a.m. on Jan. 19, when the victim, who was employed to guard the village river, was confronted by some unidentified persons.

They said the attackers forcefully held Musa Mohammed, tied his hands and legs, and threw him into the river.

The sources added that about a month earlier, the deceased had a misunderstanding with five men from Dadigar Village in Bursari LGA, who allegedly warned him to stop guarding the river or face consequences.

Upon receiving the report, security operatives visited the scene and evacuated the victim from the river in an unconscious state.

“He was rushed to the Specialist Hospital in Gashua, where a medical doctor later confirmed him dead,” the sources said.

Photographs of the deceased were taken, and his remains were released to his relatives for burial according to Islamic rites.

Musa Mohammed was from Burburwa Village via Mayori in Yusufari Local Government Area of the state.

Investigation into the incident has commenced to identify and apprehend those responsible for the killing.

River guard killed in Yobe, police begin investigation

Continue Reading

News

At least 31 killed in Yatakala attack in Niger Republic

Published

on

At least 31 killed in Yatakala attack in Niger Republic

By: Zagazola Makama

No fewer than 31 persons have been killed following a deadly attack by suspected terrorists in Yatakala, Tillaberi Region of the Republic of Niger, near the tri-border area with Mali and Burkina Faso.

Sources told Zagazola Makama that the attack occurred on Jan. 18 in the Yatakala/Bolsi area of Tera Commune, where the assailants reportedly gathered residents together and opened fire on them.

The sources said that several other people, believed to be mostly women, were abducted during the attack, while five persons were injured as they tried to escape.

“They went from house to house, rounded people up and shot them. Those who managed to flee sustained injuries.

“Residents were rounded up and summarily executed, while an uncertain number mostly women, were abducted. At least 31 people were killed and five others injured as they fled,”one of the sources said.

The sources noted that Yatakala and surrounding villages toward the Burkinabe border had already been deserted by many inhabitants due to persistent attacks by armed groups.

No organisation had formally claimed responsibility for the latest atrocity, but the pattern and area of operation point strongly to Jama’at Nusrat al-Islam wal-Muslimin (JNIM), the Al-Qaeda-linked group active across the Liptako-Gourma axis

The area had previously come under attack on Jan. 3, 2026, when Yatakala/Garoul was assaulted and about 17 soldiers were reportedly killed.

Zagazola report that the Tillaberi theatre is under sustained pressure. The enemy appears intent on clearing large swathes of territory, forcing communities to abandon their homes and creating humanitarian corridors of displacement that terrorists then exploit for further expansion.

The attacks also draws to the attention of the accelerating expansion of jihadist violence across the Sahel and its dangerous spillover implications for Nigeria and the wider West African sub-region.

The attack fits into a broader campaign by both Al-Qaeda- and ISIS-aligned factions to dominate borderlands, forest reserves and riverine routes, particularly around the W Park–Panjari complex, with a creeping approach toward Niamey.

The strategic objective was to degrade state presence, terrorise civilians into flight, and establish uncontested movement and recruitment zones.

Its draws parallels with past atrocities, including the January 2025 killings in Kasuwan Daji in Borgu area of Niger State, allegedly carried out by JNIM in collaboration with JAS/Ansaru networks, as well as recent mass abductions at worship centres in Kurmin Wali, Kajuru LGA, Kaduna State.

These are not isolated incidents. They form part of a synchronised regional campaign aimed at destabilisation, psychological dominance and narrative warfare.

Zagazola warned that beyond the kinetic dimension, insurgents were also leveraging disinformation, including the manipulation of religious and ethnic narratives, to internationalise their cause and weaken regional cohesion.

The humanitarian crisis generated by these attacks will push refugees and internally displaced persons toward north-west and north-central Nigeria, with attendant security, social and economic consequences.

Therefore, Nigeria’s response must go beyond internal counter-terrorism operations to include strengthened diplomatic and security cooperation with Niger, Benin and other frontline states.

Border challenges cannot be curbed unilaterally. There must be deeper intelligence sharing, coordinated patrols and joint operations. ECOWAS and the Alliance of Sahel States (AES) must urgently re-engage on collective security mechanisms to contain this expanding threat,” he said.

Yatakala massacre was both a warning and a call to action.

If proactive regional measures are not taken, the Sahelian conflict arc will continue to bend southward, with Nigeria increasingly in the line of fire.

At least 31 killed in Yatakala attack in Niger Republic

Continue Reading

News

School renovation: You’ve renewed our hope, Students with disabilities tell Gombe Govt, NEDC

Published

on

School renovation: You’ve renewed our hope, Students with disabilities tell Gombe Govt, NEDC

Some students from the Special Education Centre in Gombe, have commended the Gombe State Government, and the North East Development Commission (NEDC), over ongoing renovation of their school.

The students told the News Agency of Nigeria (NAN) in Gombe, that the move would boost access to education for Persons With Disabilities (PWDs).

A NAN correspondent who visited the school, reports that there was ongoing renovation of facilities.

A visually impaired student of the Senior Secondary three class (SS3), Husseini Abubakar, said that the renovation sends a strong message of inclusion to them.

According to him, the ongoing upgrade of the school has renewed their hope in education and a better Nigeria, as emphasised by President Bola Tinubu.

“I was suprised to hear that our school is being renovated after many years of neglect.

“We had lost hope of any intervention, but see what Gombe State government and NEDC are doing; we lack words to express how we feel.

“Today, I feel that our President, Bola Tinubu’s statement of “let’s renew the hope” is being fulfilled in our school because our hope has indeed been renewed,” he said.

Another visually impaired student, Mr Ahmad Umar, noted that they use to share classrooms with junior students during the rainy season, following dilapidated classrooms.

“Some days, we prayed against rainfall so that we will not be beaten by the rain, but thank God the suffering has now ended, and a better structure is here,” he said.

He said that now, he feels relieved.

Another student with hearing disability, Mr Basesa David, who spoke through an interpreter, said he was happy that the days of cold were over

He noted that the rehabilitation of toilets facilities and regular water supply, would improve hygiene and health condition in the school.

“We are grateful, especially the female students who usually suffer severe cold from exposure and poor toilets; thank you Gov. Inuwa Yahaya of Gombe State and the entire leadership of NEDC,” he said

NAN reports that the school, a specialised institution in the state, was established in 1996, to cater for children with disabilities.

The renovation project, is aimed at improving access to inclusive, equitable and quality education for PWDs, who are learners in the state and the North-East.

The centre currently has a population of 615 students

School renovation: You’ve renewed our hope, Students with disabilities tell Gombe Govt, NEDC

Continue Reading

Trending

Verified by MonsterInsights