Mr. Speaker, I support Bill C-54, which is important legislation as I mentioned in my remarks to the parliamentary secretary.
I come from Saskatchewan and although I do not have any reserves in my home riding, I live on native land. My house is on a portion of land that is controlled by six Indian bands. I am quite familiar with many of their projects, including a golf course which they operate, plans for expansion of the golf club and plans to one day perhaps apply for a casino licence.
The one difficulty the bands have in my small area of the world is the lack of funding for the expansion of some of their planned projects. In previous years a lot of funding came from the federal government, but there were always strings attached, which is normal between any level of government and first nations people or any stakeholder that goes to the government for financial assistance. That in itself has always caused some problems. Rather than being accountable to themselves, first nations people were accountable to the federal government and in many respects dependent upon the federal government for their funding.
I will be splitting my time, Mr. Speaker, with the member for Desnethé--Missinippi--Churchill River.
I believe it is important for first nations in all their activities and in their pursuit of their economic development plans, dreams and aspirations to have control of their own destiny. One critical way to have control over their own destiny is to have control over their own revenue. This legislation would allow first nations, if they wished, to fully control and manage the revenue from their own oil and gas.
As the parliamentary secretary mentioned, this is not to say that all first nations people will take advantage of the legislation. Some may still wish to fall under the purview of the federal government and have their oil and gas revenues controlled by it. I would hope that most first nations people would take the revenues produced from oil and gas on their land and administer it, manage it and use it themselves.
By my records, the White Bear reserve would be earning at current oil prices approximately $32 million per year gross revenue. That is an incredible amount of money. Currently, that money is managed by IOGC, but I believe first nations people on the White Bear reserve could manage it more effectively than any federal government agency. Aboriginals and first nations people on White Bear reserve are looking forward to the challenges that will come with this legislation being enacted.
Let us make no mistake about it. I truly believe and anticipate that there will be challenges. There will be problems. There will be growing pains, but that is to be expected. Any time that we move toward the ultimate goal of self-government for first nations people, there will be hiccups along the way.
However, I think it would be remiss of us as parliamentarians and of any other level of government to suggest that we should not pursue the ultimate goal of allowing first nations people their goal of self-government. I think it is absolutely critical. I think it is something in which all of us on both sides of the House and in all four corners of the House need to take an active part, that is, assisting first nations people with their ultimate goal of self-government.
Therefore, again I suggest that this piece of legislation is an extremely important first step, a small but very important first step toward achieving the goal of aboriginal and first nations self-government.
I hope, however, that what comes as a result of the legislation and what comes as a result of first nations people being able to control and manage their own oil and gas revenues is that there are no other impediments or drawbacks imposed upon them from the federal government. We have seen this before when it comes to the ownership and management of natural resources, not necessarily directly with respect to first nations people, but certainly with jurisdictional management, accountability and ownership of oil and gas revenues.
I can again point to my home province of Saskatchewan, where we have been in a long and ongoing discussion, debate and, some would suggest, fight with the federal government over oil and gas revenues. I refer specifically to the ongoing battle our province has with the federal government on equalization payments.
Currently, as hon. members might know, Saskatchewan is considered a have province, but for many years prior to this we were considered a have not province and have been recipients of oil and gas revenues through equalization payments. The problem is that even though Saskatchewan has generated significant wealth over the past number of years through oil and gas revenues, the clawback system that the federal government has imposed upon our province literally makes it almost, at best, revenue neutral.
In other words, Saskatchewan has been clawed back anywhere from 90¢ on every dollar to $1.25 on every dollar for the amount of oil and gas revenues we generate. By conservative estimates, and I note that is small-c conservative, Mr. Speaker, over the past decade Saskatchewan would have received an additional $4 billion to $5 billion in revenue had the federal government not clawed back, through the equalization formula, all of the revenue that we have generated.
In fact, if Saskatchewan had a proper, fair and just equalization formula right now, at today's oil prices Saskatchewan would be receiving, by my calculations, anywhere between $800 million and $1.5 billion in additional revenue each and every year. Of course we do not have that agreement, and even though this legislation looks attractive and is something I would very actively and vocally support, I would hope that down the line there will be no other impediments placed upon first nations people by the federal government.
I would encourage and certainly urge all members across the floor to take that into consideration and to take that message to the minister and to the Prime Minister, to give some guarantees to first nations people that they will not at some point in the future be burdened by the same clawbacks, by the same impediments from the federal government on the ownership, management and control of all of their oil and gas revenues. If members opposite can guarantee me that, I will certainly endorse the bill.