Nigeria, April 6 -- President Bola Tinubu has approved a N3.3 trillion payment plan to settle outstanding debts in Nigeria's electricity sector under the Presidential Power Sector Financial Reforms Programme.

The development was disclosed in a statement issued on Sunday by the President's Special Adviser on Information and Strategy, Bayo Onanuga.

"President Bola Tinubu has approved the payment plan to finally settle the outstanding debts under the Presidential Power Sector Financial Reforms Programme," the statement said.

According to the presidency, the decision followed a final review of legacy debts that have plagued the power sector for over a decade.

The government said the liabilities accumulated between February 2015 and March ...