The House of Representatives has indefinitely suspended the consideration of the $22.79bn external loan request by President Muhammadu Buhari.

The House had listed the report by its Committee on Aids, Loans and Debt Management on the 2016–2018 Federal Government External Borrowing (Rolling) Plan  for consideration on the order paper for Wednesday’s proceeding.

Speaker Femi Gbajabiamila, however, asked that the consideration be stood down without giving a new date.

“We will step that down for today,” Gbajabiamila said, asking the Chairman, Rules and Business, Abubakar Fulata, to move for the standing down.

The Senate had approved the loan last week.

The funding agencies for the loan are the World Bank ($2,854,000,000), African Development Bank ($1,888,950,000), Islamic Development Bank ($110,000,000), Japan International Cooperation Agency ($200,000,000 ), German Development Bank ($200,000,000), China-Exim Bank ( $17,065,496,773), and the French Development Agency ($480,000,000).

According to President Muhammadu Buhari, the loan is to be used to execute key infrastructure projects.