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Posted By Udokabestluv On December 10th, 2023

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).

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.

“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,” the statement reads in part.

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

This review, which takes effect from January 1, “will help prevent student vulnerability and exploitation,” the statement added.

The UK

This proof of funds review comes days after the United Kingdom introduced a new set of rules that would make it more difficult for Nigerians and others to obtain a visa.

Home Secretary James Cleverly announced the changes in the House of Commons on Monday.

The government said it would now set a minimum annual salary for foreign workers to be eligible for a skilled worker visa at £38,700 from £26,200.

The figure itself is more than the existing median average salary of a full-time worker in Britain.

He exempted health and social care workers, but said they would be prevented from bringing family dependents.

He reaffirmed that Britain would increase the surcharge that migrants pay to access the NHS by 66 percent, to £1,035.

Care England, a charity representing independent adult social care providers, said immigration had been “saving the social care sector”. Staff shortages have been exacerbated by Brexit.

Critics have said this effectively imposes a double charge on migrant workers, as employees also pay National Insurance charges, which go towards covering healthcare.

“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,” the statement reads in part.

Source: https://www.vanguardngr.com/2023/12/canada-raises-proof-of-funds-to-n16m-for-nigerians/