NIGERIA, Nov. 28 -- The National Bureau of Statistics confirmed the new figures in its latest sectoral performance report, which shows a 40 percent rise compared to the N1.98 trillion generated in the opening quarter of the year.

Domestic companies were responsible for the majority of the collections. According to the NBS, firms operating locally contributed N2.31 trillion, while foreign-based companies remitted N469.36 billion within the same period. Analysts believe the growth reflects improved business compliance and better earnings among major corporate players.

The News Chronicle learned that authorities see this revenue jump as evidence that recent tax administration reforms are yielding results, particularly in sectors that recor...