In a large non-stick skillet, heat oil over high heat and add meat and onions.
Cook, stirring regularly to break up the meat. Once the meat is almost cooked, add the garlic and continue cooking for 3 to 5 minutes.
Add salt, paprika, chili powder and oregano. Cook for an additional 2 minutes, stirring.
Add sauce, sugar and broth. Continue cooking over high heat, stirring regularly. Cook until the liquid is completely evaporated. Remove from heat and set aside.
For the nachos:
Preheat oven to broil with the oven rack in the center position.
Place corn chips on a large baking sheet.
Add cheese to nachos, then olives and bell pepper. Bake until cheese is melted and chips are golden brown.
Remove from oven and add meat and all other ingredients. Add a few extra drops of hot sauce if desired.