Yes, Flanagan likes to traffic in fear-mongering, wrapped in an elegant ribbon of sophistry  -- but fear mongering regardless.
To suggest that First Nations are on the verge of hitting the jackpot because of this new legislation is absurd.  
As The Globe reported recently:
There are  158 drinking water advisories in 114 First Nation communities. 
The federal government promised to build just 300 new homes in First Nations communities across Canada in 2016 even though it acknowledges an immediate need of at least 20,000 homes on reserves.
Indigenous Affairs Minister Carolyn Bennett has called called housing conditions on reserves “a disgrace.”
An internal assessment by Bennett’s officials concluded that, by 2031, the housing shortage on reserves will rise to 115,000 units.
So, no, Flanagan, First Nations peoples haven't won the lottery. They still have a long way to go.