Naija247news reports that the Osun State Government has successfully acquired a shareholding stake in a key gold mining site within the state, following negotiations facilitated by the Federal Government. The development marks a significant step in Osun’s push to benefit directly from its natural resources and boost internally generated revenue.
Thank you for reading this post, don't forget to subscribe!Naija247news gathered that the agreement also grants the state access to tax data from mining activities, ensuring that Osun can track and benefit from revenue generated within its jurisdiction. This move is expected to strengthen the state’s financial position and reduce its dependence on federal allocations.
According to Naija247news, the negotiations were part of broader efforts to resolve disputes between state governments and private mining operators over resource control. The Federal Government played a mediatory role, ensuring that Osun secured a fair share of the proceeds from mining activities conducted within its territory.
Naija247news understands that the Osun State Government has been pushing for greater participation in the mining sector, citing concerns that the benefits of gold exploration have not been adequately shared with local communities. By securing a shareholding in the mining operations, the government aims to reinvest proceeds into infrastructure, social services, and job creation for residents.
Naija247news reports that industry analysts have welcomed the development, describing it as a progressive move that could set a precedent for other states with mineral resources. However, stakeholders have also urged the Osun government to ensure transparency in managing its stake and to implement policies that will prevent environmental degradation linked to mining activities.
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