Hunter Tootoo, seen speaking to reporters on Thursday, has been facing criticism over $60 million in cost overruns at the Nunavut Housing Corp.'s housing trust. (CBC)

Nunavut Housing Minister Hunter Tootoo no longer faces an immediate threat to his current job, after Iqaluit West MLA Paul Okalik backed down from his plans to ask MLAs to oust Tootoo from cabinet.

Okalik did not introduce his motion, which would have called for Tootoo's removal from cabinet, on Friday or Thursday, even though he had announced his intentions earlier this week to put the motion forward.

On Tuesday, Okalik told the legislature that he would present a motion on Thursday demanding that Tootoo be removed from cabinet over cost overruns at the Nunavut Housing Corp.

Okalik accused Tootoo of misleading the legislature about the financial state of the Nunavut Housing Trust, a program managed by the housing corporation, to build more than 700 affordable housing units.

Public has right to know: Tootoo

Tootoo has been facing a lot of criticism about the housing trust since last month, when he announced that it had overspent its $200-million budget by $60 million.

Speaking to reporters outside the legislature on Friday, Tootoo said he suspects Okalik proposed the motion in order to prompt some answers about the housing trust.

"They deserve the right to be able to ask those questions. The public has the right to know, the members have a right to know," Tootoo said.

"I fully look forward to being able to provide them with the answers that they deserve."