Keith Peterson wants Nunavuts debt cap upped to $750M

Keith Peterson, Nunavut's finance minister, says he wants to see the territory's debt cap increase to $750 million.

Peterson says as devolution negotiations get underway, Nunavut might have to take on more capital leases from the federal government.

In March of 2012, Ottawa doubled Nunavut's debt cap from $200 million to $400 million.

At the time, federal Finance Minister Jim Flaherty said he would be open to expanding the debt cap in the future.

This week, Peterson met with the current finance minister, Joe Oliver, as he prepares next year's federal budget.

Peterson says he was also looking for $200 million each for housing and power plant upgrades.

He was fairly receptive, Peterson says. He asked me a number of questions and I answered them, so we'll see where it goes. I will be asking our Member of Parliament to help us stick handle with those ahead of the budget.

Peterson was in Ottawa for the annual two-day meeting of provincial and territorial finance ministers.

It wrapped up yesterday afternoon.