Bala Seeks CBN’s Support to Float FCT Security Trust Fund

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 Minister of FCT, Senator Bala Mohammed has solicited the support of the Central Bank of Nigeria towards the establishment of FCT Security Trust Fund to boost crime fighting in the Federal Capital Territory. Speaking when the Governor of Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, paid him a courtesy call in his office at the weekend, he said that the apex bank could assist the FCTA in the area of working out a good financial framework for the operation of the trust fund.

Mohammed stated that the CBN could assist the FCTA through the window of its corporate social responsibilities. According to him, the FCTA is already taking measures towards establishing its own Internal Revenue Board.
 The board when operational would enable FCT to float bonds as part of measures to strengthen it to operate the security trust fund adding that his administration was doing its utmost to meet the expectation of Nigerians.

He emphasized, “I know the CBN has been the front runner in terms of giving corporate social assistance so that people will sleep with their eyes closed.  We are doing so well and we want to make sure we establish an institution that will access funds from security services”.

He said that way, the FCT Administration would be in proper stead to lend its support to security organizations so that they can provide effective surveillance, monitoring and closed circuit television (CCTV) networking.
He added that the security protocol would be such that corporate institutions and individuals are supposed to comply with.

Senator Mohammed told Mr. Emefiele that the FCT Administration would approach the CBN for the needed support once the security protocol is approved “so that you can see visible areas and we will establish a trust fund that you will be part and parcel of”.
He stated further, “We must leverage on your presence in our capital to maximally benefit from your generosity and economic buoyancy that you are associated with”.

The Minister called on the CBN Governor to lend more support to the Federal Government in the area of financial services so that the paltry sum the Administration was getting from the Federal Government could be augmented via internal revenue generation and other legitimate sources.
He told him that the planned FCT Revenue Board is conceived as a mechanism for more effective collection.

Mr. Emefiele had earlier commended the Minister for providing a conducive environment for the apex bank to operate.
He congratulated him on the achievements recorded by his administration so far noting that the Minister has transformed the city remarkably.

Emefiele said that since he resumed as CBN Governor five and half months ago, he had witnessed a lot of transformational developments across the FCT.
He added that there are certain projects that the CBN is doing in Abuja apart from banking transaction and services.

“I want to thank you for the excellent job you have been doing. As the Governor and Mayor of Abuja, you have transformed the city. You have ensured that the growth of Abuja is in line with the master plan,” he said.

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