Nigeria, Aug. 14 -- The federal government has officially announced plans to implement a pay-as-you-go payment model for electricity consumption, aiming to eliminate government-sponsored subsidies within the sector.

This was made known by Minister of Finance and Coordinating Minister of the Economy, Wale Edun, during a media briefing in Abuja on Thursday.

Edun stated, "The transition to a pay-as-you-go approach will take effect after the government successfully clears the outstanding N4 trillion liability owed to various investors in the energy sector."

He explained that this step is part of the administration's strategy to tackle past debts and transition the electricity sector to a fully deregulated environment.

During the briefing,...