-l(library) is a command line switch you pass to gcc/g++, which is passed to ld, to tell it that there's a library it needs to look for to resolve any unresolved references. If you remove that switch (-lXft), then ld won't look for this Xft library. I don't know if you'll need it or not.
I do not know how to remove the switch--I do not even know where to look for this information. To compile and build a program using make files is not hard--because there is reasonable documentation that is easy to find. On the other hand compiling and building within these IDEs is hard, and the documentation seems to be well hidden.
IIRC in Code::Blocks there's a setting for that. Something like Project->Build Settings; but I can't remember. Bazzy uses codeblocks, maybe you could PM him directly.