Canada has modified the financial requirements for Nigerian and other international students, setting the new proof of funds at ₦16,050,000.0000 ($20,000), up from ₦8,025,000.00 ($10,000).
Marc Miller, the Canadian Minister of Immigration, Refugees, and Citizenship, disclosed this information in a statement on Thursday, specifying that the revised requirement will be implemented starting 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 the year 2024, a solo applicant is required to exhibit financial readiness by possessing $20,635, which accounts for 75% of the Low-Income Cut-Off (LICO), and meeting the expenses of their initial year of tuition and travel.
‘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.
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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.
Excluding health and social care workers, he stated that they would be restricted from bringing family dependents.
He reiterated Britain’s commitment to raise the surcharge for migrants accessing the NHS by 66 percent, setting it at £1,035.
Care England, a charity dedicated to representing independent adult social care providers, stressed that immigration has been instrumental in “sustaining the social care sector.” The fallout from Brexit has worsened existing staff shortages.
Detractors have pointed out that this essentially enforces a dual financial burden on migrant workers, especially since employees are already obligated to pay National Insurance charges that contribute to healthcare expenses.
‘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.