Iqaluit (Nov 01/04) - A review of the territorial financing formula is expected to bring Canada's three territories more than $4 billion in extra funding over the next 10 years.

Nunavut's share is expected to be about $1.33 billion.

Through the new formula, the territories are scheduled to receive $1.9 billion in 2004-05.

That will increase to $2 billion for 2005-06 which represents the highest level ever, according to the federal government.

"Any money that comes our way will be very useful in trying to meet the basic needs of our constituents," said Premier Paul Okalik, adding that he expects the money to be divided evenly between the three territories. "I look forward to implementing some more improvements."

This past summer when Prime Minister Paul Martin visited Nunavut, much of the talk surrounded bolstering the territory's health care services. For the next 10 years, that $2 billion will grow by about 3.5 per cent a year, topping out at around $2.81 billion for fiscal 2015-16.

The regularly scheduled funding increases are intended to give the North a stable source of cash. Discussions about concrete plans for a Northern strategy -- as mentioned in the Governor General's throne speech -- also began last week, Okalik said. Martin alluded to this while on the Inuvik leg of his Northern trip.

"We want a fair deal for everyone -- aboriginal people, too," he said at the time.