FCT seeks CBN support for Security Trust Fund

Minister of FCT, Senator Bala Mohammed, has solicited the support of the Central Bank of Nigeria for the establishment of FCT Security Trust Fund to boost crime-fighting in the Federal Capital Territory.

Speaking when the CBN Governor, Mr. Godwin Emefiele, paid him a courtesy visit in his office on Friday, Mohammed said that the apex bank could assist the FCT Administration to work out a good financial framework for the operation of the trust fund.

He stated that the CBN could assist the FCTA through the window of its corporate social responsibilities, noting that the Administration is already taking measures towards establishing its own Internal Revenue Board.

According to him, when operational, the board 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 said, “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.

“With the trust fund, the FCT Administration will be in proper stead to lend its support to security organizations so that they can provide effective surveillance, monitoring and closed circuit television networking.”

The minister added that this would ensure that corporate institutions and individuals comply with the security protocol.

 Mohammed stated that the FCT Administration would approach the CBN for the needed support once the security protocol is approved “and we will establish a trust fund that you will be part and parcel of.”

The Minister called on the CBN Governor to lend more support to the FCT in the area of financial services so that the paltry sum the Administration was getting as Federal allocation could be augmented by its internally generated revenue  and other legitimate sources.

The planned FCT Revenue Board, he said, was conceived as a mechanism for more effective revenue collection.