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.