London, June 27 (TIWN) Food, fossil fuel and pharmaceutical companies that have enjoyed bumper profits in the Covid-19 pandemic and its aftermath should be hit with a windfall tax on their excess income, the global head of Oxfam has said.

The report added that a windfall tax of 90 per cent on the excess profits globally would yield about $490 billion. The collected money could be used to solve the food crisis, which is heading to "catastrophic levels" for hundreds of millions of people across the world.