Did you know that lenders feel smarter than you when they hide their best-kept secrets from you? Not to worry, Loanclopedia is blowing the whistle on all the industry tricks, now you will know them inside out to help you choose the loan that fits right, just for you!

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The South African Government has granted Air Peace’s request to commence commercial flights to Johannesburg, South Africa. This was confirmed by the Ministry of Foreign affairs in a statement through its spokesperson, Ferdinard Nwoye. The confirmation was granted in the process of ascertaining the level of implementation of the Bilateral Air Service Agreement (BASA) between Nigeria and South Africa. This was at the Senior Officials Meeting (SOM) of the 9th Session of the Nigeria/South Africa Bi-National Commission Summit in Pretoria, South Africa. While speaking about the new agreement, the Chairman and Chief Executive Officer of Air Peace Airlines, Chief Allen Onyema confirmed that the airline would commence operation as soon as possible to promote air travel between Nigeria and South Africa. The bilateral air services agreements between Nigeria and South Africa will allow the designated airlines of the countries to operate commercial flights normally as it will regulate the frequency and capacity of air services between the countries, pricing, and other commercial aspects. This will help in boosting international relations between the 2 countries.

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President Muhammadu Buhari has disclosed that his administration would release the sum of N600 billion for Capital Expenditure between October and December 2019. The President, who revealed this during his 59th Independence Day speech earlier on Tuesday at the State House, Abuja, explained that the fund was to increase investments in the nation’s critical infrastructure significantly. According to the President, the Federal Government had so far released N1.74 trillion for the execution of various capital projects in the 2018 fiscal year. On diversification of the economy, the President explained that the push would persist in the next one year. The President noted that the exchange rate in the last three years had remained stable, with robust reserves of 42.5 billion dollars, up from 23 billion dollars in October. 2016.

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The President of Chartered Institute of Taxation of Nigeria (CITN), Olajumoke Semplice, has asked the Federal Government to amend the tax law, especially the new Value Added Tax. The CITN boss explained that the challenge with the increment was that it would affect the cost of goods and items as manufacturers would have to pay higher VAT. She added that the development was timely inappropriate as the VAT The act was promulgated in 1993 and came into effect in 1994. On the query that tax collection between 2012 and 2014 was better than 2015 and 2018, she explained between 2012 and 2014, oil was over $100 per barrel and if one looked at the figure for collection for those years, oil majorly was over 50%.

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The International Monetary Fund (IMF) has blamed Zimbabwe's Finance Minister Mthuli Ncube's currency reforms for igniting the current volatile economic mess amid spiraling foreign currency exchange rates which have triggered runaway inflation. This is according to a  statement by the global financier upon its representatives' completion of an assessment on progress being made under the Staff Monitored Programme. IMF said during the period under review, social conditions have deteriorated sharply, with more than half of Zimbabwe's population estimated by the United Nations to be food insecure in 2019/2020.

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Saudi Arabia is gearing up its plans to open up its doors to international tourists for the first time as part of a broader push to cut its economic dependence on oil. The plan is gathering momentum as On September 27, the kingdom will launch a visa regime for 49 countries and relax strict dress codes for female visitors. Tourism Minister Ahmad al-Khateeb described it as a "historic moment" for the country. Visas have until now largely been restricted to pilgrims, business people, and expatriate workers. Saudi Arabia is also hoping to secure foreign investment in the tourism industry. It wants tourism to rise from 3% to 10% of gross domestic product by 2030.

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Nigeria’s current account deficit ballooned to net $2.85 billion (N876 billion) at the end of the second quarter of 2019. This is according to data from the Central Bank of Nigeria. The current account deficit occurs when a country’s foreign liabilities exceed its foreign assets. It is exacerbated when the country
imports more than it exported. In the second quarter of 2018, Nigeria’s current account balance was a
strong net positive $4.3 billion highest since the Buhari administration came into power in 2015. Nigeria
has reported a negative current account balance in 7 quarters out of the 15 quarters reported under this
government. The figures are stated net because the inflows are set-off against outflows thus a negative
balance is a deficit.

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Nigeria's minister for labor, and employment, Dr. Chris Ngige, has said that that the government was not averse to the plight of workers but was being careful not to go beyond its financial capacity, in view of their clamor of the increment of the national minimum wage to N30,000. The minister said that progress had been made in the minimum wage implementation process, pointing to the fact that workers between levels 1 to 6 have started benefiting from it. Dr. Ngige met with the Nigeria Labour Congress NLC president, Mr. Ayuuba Waaba to discuss the way forward and the minister appealed to the workers to show understanding on the matter.  The Joint National Public Service Negotiating Council (JNPSNC) had threatened to embark on a strike following the breakdown in negotiation on the consequential adjustment on the N30,000 National Minimum Wage.

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The power generating companies have said they would halt the production of electricity across the country if the Nigerian Bulk Electricity Trading Company (NBET) persists on its move to slam a 0.75% gas payment administrative charge on them. Describing the charge as unregulated and extortionist, the GenCos under the auspices of the Association of Power Generating Companies (APGC), also threatened to declare force majeure and relieve themselves of all market obligations, if the NBET stock to its guns. Addressing the development, the APGC’s Executive Secretary, Joy Ogaji maintained that the GenCos would have no option but to quit if the issue of the service charge was not addressed. Ogaji further explained that NBET directed the GenCos to comply, adding that the agency threatened that on the contrary, the GenCos would not access the proposed N600 billion which the Federal Government planned to release to the sector if they fail to agree on the administrative charge. Reports have it that on Sunday, September 22, 2019, NBET slammed a 0.75% service charge on thermal power generators for every gas transaction, in which the agency would be involved in with the Gencos. According to the GenCos, the agency made it mandatory that thermal Gencos would not be paid their energy invoices unless they agreed to pay the administrative charge going forward.

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The Minister of Finance , Budget and National Planning, Mrs Zainab Ahmed , reportedly disclosed Nigeria needs an estimated sum of $100 billion or N36 trillion annually to address the infrastructural decay in the country. According to the minister, the Federal Government will require about $100 billion annually for the next 30 years to effectively tackle Nigeria’s infrastructure challenges. Mrs Zainab further stated that with the shortfall in oil revenue, which has plummeted in recent times, it is difficult to address infrastructural deficit.Speaking further, she said the time had come for the government to start looking for alternative sources of funding infrastructure as budgetary funding alone could not address the funding gap. Meanwhile, while the World Bank acknowledged that Nigeria faces a $100 billion annual investment gap in infrastructure, the bank has pledged to assist Nigeria close the infrastructure gap.

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