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Canada raises proof of funds to N16m for Nigerians, others

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Canada raises proof of funds to N16m for Nigerians, others

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The government of Canada has increased the proof of funds for Nigerians and other international students from ₦8,025,000.00 ($10,000) to ₦16,050,000.0000 ($20,000).

This is coming a few days after the United Kingdom announced stricter visa measures to cut migration.

The new adjustment which will kick off from January 1, 2024, implies that a single applicant will need to show they have $20,635 in addition to their first year of tuition and travel costs.

For almost two decades, study permit applicants for international students have remained at $10,000.

Marc Miller, Canadian Minister of Immigration, Refugees and Citizenship, made this announcement in a statement on Thursday, saying the new requirement will take effect from January 1, 2024.

The statement reads in part: “Starting January 1, 2024, the cost-of-living financial requirement for study permit applicants will be raised so that international students are financially prepared for life in Canada.

“For 2024, a single applicant will need to show they have $20,635, representing 75% of LICO, in addition to their first year of tuition and travel costs.

“This change will apply to new study permit applications received on or after January 1, 2024. This review, which takes effect from January 1, “will help prevent student vulnerability and exploitation.”

(The Nation)