The government of Canada has increased the proof of funds for international students from ₦8,025,000.00 ($10,000) to ₦16,050,000.0000 ($20,000).
This development comes days after the United Kingdom, UK had announced stricter visa measures to cut illegal migration.
According to a statement issued by Canadian Minister of Immigration, Refugees and Citizenship, Marc Miller, Thursday, said the adjustment will take effect from January 1, 2024.
It would be recalled that for almost two decades, study permit applicants for international students have remained at $10,000.
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.”
