BREAKING: Lawmakers Scamper For Safety As Fight Breaks Out At House of Reps PIB Public Hearing
As the fight broke out, lawmakers and other participants started scampering for safety with proceedings put on hold.
by Saharareporters, New York
Jan 28, 2021
Room 028 of the House of Representatives in the National Assembly Complex, venue of the public hearing on the Petroleum Industry Bill, PIB, has been thrown into pandemonium following a fight by some attendants, Vanguard reports.
The individuals were said to be members of the oil producing communities who had come to make presentations on the bill.
The fight broke out exactly 12:10 pm when the Chairman of the Ad hoc Committee on PIB, Hon. Mohammed Monguno, who had been moderating the proceedings, called the host communities to make their presentations.
Gbajabiamila criticises past administrations for failing to pass PIB
Mr Gbajabiamila says the bill will be passed by April.
The Speaker of the House of Representatives,
Femi Gbajabiamila, has expressed disappointment with the inability of successive administrations in the country to ensure the passage of the Petroleum Industry Bill (PIB) into law.
He said it was difficult to explain why the bill did not pass despite collective interest by all for the passage of the bill.
Mr Gbajabiamila stated this on Wednesday while declaring the public hearing on PIB open in Abuja.
The hearing was by the House Ad-hoc Committee on PIB.
Charles Goodhart, Dimitri Tsomocos, Xuan Wang
Around the world, the coronavirus pandemic is pushing many firms towards insolvency by dramatically changing consumption patterns and business operations. The first wave of liquidity-focused policy responses in many jurisdictions prevented or delayed more severe consequences for the corporate sector. While some liquidity support is still needed, the crucial issue that must be tackled now is that of corporate solvency.
The corporate solvency problem
A wave of corporate bankruptcies would mean the loss of potentially millions of jobs, accompanied by economic damage, inefficiencies, and spillovers that arise when a company shuts down. Further, the creation of ‘zombie companies’ that do not go bankrupt but are consumed by an excessively heavy debt burden would hamper economic growth, as it was the case in Japan’s infamous Lost Decade (Caballero et al. 2008, Acharya et al. 2009).