The Nigeria Labour Congress (NLC has commended the Central Bank of Nigeria’s (CBN) directive to banks to publish names of chronic debtors, saying it would strengthen the economy. This was made known on Wednesday by the secretary of the NLC, Peter Eson-Ozo, who spoke with the News Agency of Nigeria (NAN).

The congress said the measure would help to strengthen the nation’s economy. He said the banks did the correct thing by going ahead to heed the directive of CBN to publish names of the debtors.

He said it would be inimical to the country’s economic growth for anyone to owe banks millions of naira without paying back. “I think the banks have done well by publishing the names of debtors because it is not good for anyone to borrow money and not pay back; it endangers the economy,” he said.

The publication of the names of debtors is coming on the heels of the July 31, 2015 deadline set by the apex bank for the debtors to pay up. The debtors are to be blacklisted and banned from participating in the foreign exchange market, as well as trading in the Nigerian Government Securities market.

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