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Canada Increases Proof of Funds for Nigerians and Others by 100%

Beginning January 1, 2024, the Canadian government has increased its “cost-of-living financial requirement for study permit applicants,” essentially for overseas students, to $20,000 from $10,000.

Marc Miller, the country’s Minister of Immigration, Refugees, and Citizenship, announced this in a statement on Thursday.

According to him, beginning in 2024, a single candidate must demonstrate that they have $20,635, representing 75% of LICO, in addition to their first year of tuition and travel fees, and that “this change will apply to new study permit applications received on or after 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 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.

This event comes just a few days after the United Kingdom implemented new restrictions that would make it more difficult for Nigerians and other applicants to secure a visa.

On Monday, Home Secretary James Cleverly revealed the revisions in the House of Commons.

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