The Lagos State Government has signed three model city plans to guide physical development of different areas of the metropolis in the next 10 years.

This is in line with its determination to ensure a better, safe and economically viable human settlement in the metropolis.

They are the Ikoyi/Victoria Island, Agege/IfakoIjaiye and Apapa model city plans.

The immediate past Commissioner for Physical Planning and Urban Development, Mr. Toyin Ayinde, said during the presentation of the plans after their official signing, that they were approved by the State Executive Council under Governor Babatunde Fashola.

According to him, the model city plans had earlier been signed for implementation.

He added that the three plans would be printed in book format for easy access by members of the public.

“When you plan, you create order; when you are orderly, you are organised; when you are disorganised, you will be agonised. Therefore, the importance of the plan is to ensure that planning is properly done in this state,” Ayinde said.

He noted that democracy had resuscitated the efforts to plan the state, adding that the model city plans were carried out by indigenous planners instead of foreigners.

“I have absolute confidence in indigenous planners. They relate with the plans because they live here and can relate the plan with everyday life,” he said.

The ex-Commissioner added that the model city plans would soon be gazetted.

According to him, the Agege/IfakoIjaiye Model City Plan makes case for new overpass at Fagba crossing; park and walk; bridge and transport concourse at Agege.

The plan also seeks investment for the Lagos State Abartoir and the Moshalasi Alhaji regional commodity market; redevelopment of the existing railway station into a modern transport concourse and shopping mall; and the development of the Agege Central Business District.

The Ikoyi-Victoria Island Model City Plan (2013-2033), on the other hand, projects that more than 663,226 people will be living in the enclave by 2020, while the number will increase to 1,405,955 by 2030.

The key proposals in the plan include intra-city cable car, mono rail and shuttle bus routes; ferry service jetty site along Ozumba Mbadiwe Street; telecommunications district at Saka Tinubu Street and environs; and creation of hospitality corridor, among others.

It also seeks investment opportunities in multimodal transport system, housing, hotels, tourism, multi-level parking, and commercial offices.

The Apapa Model City Plan proposes four star Port Novo lagoon resort at Igbo Alejo, five star Atlantis Resort Hotel; 18-hole golf course; health farm; wellness resort; Marina/Yacht club; and the Tarkwa Beach resort.

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[size=15pt]EARLY CRISIS | Ambode Inherits N418.2b Debt Burden[/size]
As he officially resumes work today, the new governor of the State, Akinwunmi Ambode, is inheriting a debt burden of N418.2 billion from the outgoing administration.

The debt burden, though accompanied with a repayment plan lasting 40 years plus, is an astronomical increase from the N15 billion Babatunde Fashola (SAN) inherited from his predecessor, Asiwaju Bola Tinubu, in 2007 when he took over.

A breakdown of the debt bequeathed to Ambode showed that the Fashola administration has a domestic debt of N69.666 billion, which it obtained from borrowing from banks; N225 billion from bond issuance and N207.499 billion external loan from foreign bodies.

But the Lagos State Government is quick to defend its position, saying its debt profile is sustainable, quoting Agusto and Co, Global Credit Rating (GCR) and Fitch Ratings to justify its position on the debt sustainability.

Commissioner for Finance, Ayo Gbeleyi said government’s huge debts were sustainable, as it would not constitute a burden to the incoming government.

He said the total revenue of the state government currently stood at N33.95 billion monthly from N27.82 billion monthly it used to be in 2011, as the state’s Internal Generated Revenue (IGR) averages 65 per cent of total revenue with Statutory Allocation plus Value Added Tax (VAT) being about 35 per cent.

Gbeleyi stated that the internal loans from Commercial Banks have tenors of four to six years, while the Multilateral Agency Financing-World Bank, French Development Agency and others are generally on concessionary borrowing terms, such as 20 – 40 years tenor and average of 1.75 per cent per annum interest rate On the Debt Issuance Programme of N275 billion, in which N50 billion was paid last year, leaving a balance of N225 billion currently outstanding, he disclosed that government had over N100.73 billion as at March 2015 in its Sinking Fund reserve for repayment.

On the Commercial Bank debt of N69.666 billion, Gbeleyi added that the incoming government is expected to pay N14.27 billion this year; N13.68 billion in 2016; N34.68 billion in 2017 and the balance of N6.85 billion in 2018.