Thank you, Mr. Speaker. Mr. Speaker, we have been hearing a lot on slowing in our mining activities in the Northwest Territories and, more importantly, the economy and the urgency for a response from our government. Having knowledge, there is a huge potential in the mineral sector. As our esteemed Member from Inuvik Boot Lake had said many times, we are resource rich and cash poor. We have -- we must enhance by moving rapidly, supply our process to attract investment responsibly. To do this, Mr. Speaker, the North needs infrastructure and affordable access to our valuable resources. Compounding our recovery is the inability to authorize our own plan as we remain content to rely on Ottawa's formula funding policy. We must act faster in securing NWT's generations.
Mr. Speaker, the fiscal update shared by the Minister of Finance is beyond concerning. The NWT government projects, it has lost more than $150 million in its annual surplus this fiscal year. Our projected operating surplus has shrunk from $170 million to just $16 million. Mining, which amounts to 20 percent of our GDP, is facing big challenges. But, Mr. Speaker, there is also a story of opportunity here. The NWT has the NWT advantage. We have world class mineral deposits that are still largely untapped. We have a maturing regulatory framework that respects the balance between sustainability and prosperity. We have Indigenous communities with major control over regional land use and resource development.
Mr. Speaker, governments receive revenues from taxes. Our colleague from Range Lake highlighted a reclamation economy. However, it is not royalty generated revenues. The federal government has shown a real desire to move forward on investing into infrastructure. We often hear about major projects that are nation building, shovel ready. What is more shovel ready --
-- Member from the Sahtu, your time is up.
(audio).
Thank you, Member from the Sahtu. Member from the Sahtu is requesting unanimous consent to conclude his statement. Seeing none, Member from the Sahtu, please conclude your statement.
Thank you, Mr. Speaker. Thank you, colleagues. We often here about major projects that are nation building and shovel ready. What is more shovel ready than having two existing permits for the Mackenzie Valley Highway phase one?
Mr. Speaker, in closing, waiting is not an option anymore. We have the resources, we have the regulatory framework, we have the willingness partnerships. We must design a financial model that reflects our current fiscal and solutions. This is coming. Mahsi.
Thank you, Member from the Sahtu. Members' statements. Member from Mackenzie Delta.
