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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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Nigeria Commiserates with Tanzania Over the Pssing of Former President Ali Hassan Nwinyi

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Nigeria Commiserates with Tanzania Over the Pssing of Former President Ali Hassan Nwinyi

By: Michael Mike

The Federal Government of Nigeria has commiserated with the Government and People of the United Republic of Tanzania over the passing of former President Ali Hassan Mwinyi.

The former President died on Thursday. He would be remembered as
an African Elder Statesman, who was an astute and influential politician that contributed significantly to laying the foundation for Tanzania’s economic development.

A statement signed by the spokesperson of the Ministry of Foreign Affairs, Mrs. Francisca Omayuli on Friday said: “Nigeria stands with Tanzania in this period of grief. May the soul of the departed former President rest in peace and may God grant the bereaved family, the Government and the good people of the United Republic of Tanzania the fortitude to bear the irreparable loss.”

Nigeria Commiserates with Tanzania Over the Pssing of Former President Ali Hassan Nwinyi

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Youth are vital to sustainable peace, better Nigeria-Prof Usman to Youths

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Youth are vital to sustainable peace, better Nigeria-Prof Usman to Youths

By: Ladi Dapson

The Borno state government has charged the youths to take the lead in peace building,conflicts management and learn how to be tolerant in respective of faiths and ethicity coloration.

The State Commissioner for Information and Internal Security, Prof Usman Tar made this known during an inaugurating of 100 awardees of yoths as Peace Advocates in Borno State held in Maiduguri.

He urged the youths to take the advantages of their population in Nigeria just like the way China took the advantage of their population and bring some innovation to boast their economy.

“Today we inaugurating the young peace Ambassadors that we will be going into the society tricking down the capacity of peace building and tolerance that we have thought them.

“The outcome of this excise is that we now have critical young mind that will serve as ambassadors of peace go out and target specific community as well as teach the art of peace, conflict resolution, conflict management, peace building, and diplomacy.

“So that the society will be more tolerant, more engaging and society will learn to leave side by side with people of all faiths and tendency,”he said.

Earlier, the Founder of Peace Ambassadors Center for Humanitarian Aid and Empowerment, Amb. Ahmed Shehu said youths are critical stakeholders in peace processes, urging the people in the community to identify the youths in their community and give them the necessary support.

“As a civil society, we thought we have to play our role towards ensuring we have a stable society.

“What we observed in these efforts is that a critical element is missing. This is the youth groups and we thought why can’t we come up with an initiative where we build the capacity of the youth and make them youth advocates and unleash them to the society for peacebuilding.

“We carefully selected young people and voices across all sectors, from the media, CSOs and academia. Our dream is you would go back to the community and change the narratives,”Ahmed said.

He was awarded for a responsible media practice and promoting of a culture of peace.

One of recipients of the Peace Advocate Award and Social Media Influencer, Aliyu Mohammed Tong applauded the Peace Ambassadors Center for Humanitarian Aid and Empowerment and partners for finding them worthy of this award after a series of trainings and community engagements.

“As we accepted the award we equally took it as a challenge to positively make an impact in our various communities by stepping down the knowledge we gained on reintegration and sustainable peace.”Aliyu thanked.

Some of the recipients include Mohammed Usman, General Manager of Al-Ansar Radio; Usaman Mohammed, Report with Yerwa Express News; Umaru Kirawa, Correspondent of Newscentral Africa, Zainab Yetunde Adam, Reporter with NTA amongst.

The project was funded by the British Council in partnership with the Borno State Ministry for information and Internal Security and implemented by Peace Ambassadors Centre for Humanitarian Aid and Empowerment.

Youth are vital to sustainable peace, better Nigeria-Prof Usman to Youths

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New NIS CG Promises Policies Discouraging Illegal Migration, Foster Bilateral Relations

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New NIS CG Promises Policies Discouraging Illegal Migration, Foster Bilateral Relations

By: Michael Mike

The newly appointed Comptroller General of Nigeria Immigration Service, Kemi Nandap has promised to evolve policies that would prevent illegal migration, safeguard the lives of Nigerians and foster positive bilateral relations.

Nandap made the promise on Friday in Abuja during her decoration with her new rank by the Minister of Interior, Hon. Olubunmi Tunji-Ojo

The Comptroller General, while expressing gratitude to President Bola Tinubu and the Minister of Interior for her new appointment, said: “I extend my sincerest gratitude and profound reverence to His Excellency, President Bola Ahmed Tinubu for the trust and confidence placed in me to lead this esteemed organisation. I am very grateful to my Honourable Minister of Interior- Olubunmi Tunji-Ojo-for his vision, meticulous focus, tireless work ethic, and leadership. I must also acknowledge and sincerely thank the Permanent Secretary and the entire Board for their unwavering support and endorsement.”

She added that: “As I step into this role, I want to first assure our fellow Nigerians that I am fully prepared and committed to serving our nation with utmost dedication and integrity. I am not unaware of the socioeconomic challenges and pains facing our beloved country, and I pledge-to use the functions of the Nigerian Immigration Service to alleviate these struggles to the best of our
ability.

“To that end and under the guiding principles of the “Renewed Hope” agenda set forth by his excellency, President Tinubu’s administration, we will strive towards unity, growth and development. We will prioritize the welfare of our immigration officers and enhance the ease and .efficiency of engagement between Nigerian citizens and the Immigration service. We will focus on improving the entry and acclimatization processes for compliant foreigners through various visa and residency programmes.

“Furthermore, we are steadfast in our resolve to strengthen policies to prevent illegal migration, safeguard the lives of our citizens and foster positive bilateral relations. Tightening border security will be our major objective to reduce the porosity of our borders and enhance overall national security.

She added that: “We will strive to implement revenue generation programmes to bolster the economy, contribute to our tax quota, and aid in job creation.

“In addition, we will continue to integrate cutting-edge techology to modernize the Nigerian Immigration Service. Our Honourable minister has demonstrated the power of technology in creating a seamless e-passport system for citizens. We will continue under his aegis to reform the service for greater efficiency and ease.”

Earlier, the Minister of Interior has charged the new CG that it was important that she performs as no excuse for non-performance would be entertained.

He noted that the entire nation is looking up to her to perform and not ready to entertain any excuse.

New NIS CG Promises Policies Discouraging Illegal Migration, Foster Bilateral Relations

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