Nigeria, Nov. 19 -- The Nigerian Senate on Tuesday held a public hearing to consider a new Finance Bill.

The public hearing was organised by the Senate Committee on Finance.

The bill which was presented to the National Assembly by President Muhammadu Buhari in October seeks to increase the value-added tax (VAT) from five per cent to 7.5 per cent.

The bill also seeks to reform the tax regime by amending several Acts, namely Petroleum Profit Tax Act (PPT), Customs and Excise Tax Act, Company Income Tax Act (CITA), Personal Income Tax Act, Value Added Tax Act, Stamp Duties Tax Act, and Capital Gains Act.

The senators had on November 6, passed the second reading of the tax bill despite not being fully aware of its content.

No copies of t...