The home office of the United Kingdom (UK) has increased the monthly proof-of-funds requirements for student visa applicants to £1483 which is approximately N3 million.

This was announced via a statement in the early hours of Friday, November 15.

The home office noted that the maintenance requirement for students in London, UK, will rise from the current £1,334 per month to £1,483 and this move will take effect from Thursday, January 2, 2025.

For students studying outside London, the monthly requirement will increase from £1,023 to £1,136 (around N2.4 million).

Under the revised rules, international students are now required to show they have sufficient funds to cover their living costs for the duration of their stay in the UK.

The Home Office states that this adjustment brings the financial requirements for international students in line with those for domestic students, ensuring that all students are able to support themselves independently while studying.

Proof of funds is a document that verifies an individual has enough financial resources to cover future expenses or complete a transaction without needing to borrow money.

For students applying for a visa, providing proof of funds is a compulsory requirement.

It assures immigration officials that the student can financially support themselves while studying in another country.

Not submitting acceptable proof of funds may result in a visa denial, which could disrupt the student’s plans to study abroad.

Acceptable forms of proof of funds include:

Personal savings

Family support

Scholarships

Student loans

The increased proof-of-funds requirement is likely to lead to a decrease in the number of Nigerian students studying in the UK.

Due to the ongoing decline of the Naira against the pound, many Nigerian families could face greater difficulty in covering tuition fees and living costs under the new regulations.