A reconstituted National Economic Management Team (NEMT) is now up and running, saddled with the design and execution of economic policies as well as supporting the Presidential Steering Committee on Global Economic Crisis (PSCGEC).

The rejig was done by President Umaru Yar'Adu, who himself chairs the PSCGEC.

Aso Rock sources confirmed on Sunday that the new NEMT, headed by the Minister of Finance, Mansur Muhtar, will be inaugurated today, immediately after which the NEMT will have its inaugural meeting.

The new economic managers reportedly include National Planning Commission Minister, Shamsuddeen Usman; Power Minister, Rilwanu Babalola; Minister of State (Finance), Remi Babalola; Presidential Economic Adviser, Taminu Yakubu; and Central Bank of Nigeria (CBN) Deputy Governor (Economic Policy), Sarah Alade.

Others are Finance Ministry Permanent Secretary, Steve Orosaiye; Budget Office Director General, Bright Okogu; former CBN Deputy Governor and Director Centre for Policy and Economic Research, Obadiah Mailafia; Stanbic IBTC Bank Chairman, Atedo Peterside; Doyin Salami (Lagos Business School); National Economic Intelligence Committee Chairman; Nigerian Economic Society (NES) President; and a representative of the Petroleum Ministry.

Only Remi Babalola, Alade, Orosaiye, and Okogu were part of the old NEMT, which was chaired by Usman.

Those who were part of the old NEMT but dropped from the new team include Federal Inland Revenue Service (FIRS) Chairman, Ifeuko Omoigui-Okauru; Bureau of Public Enterprises (BPE) Director General, Irene Chigbue; and Debt Management Office (DMO) Director General, Abraham Nwankwo.

"This group of persons may be drafted into the Technical Working Groups (TWGs) which is also expected to support the NEMT," said one of the sources.

A letter Muhtar wrote to the NEMT reiterated that the PSCGEC is the apex body tackling the global economic down turn and implementing the seven-point agenda.

"A reinvigorated and reconfigured NEMT is expected to provide the government and the PSCGEC with detailed analysis and advice on the design and execution of policies.

"The TWGs will feed the NEMT with research-based analyses and forecasts as well as options based on sound analytics," the letter added.

Other members of the PSCGEC include Vice President Goodluck Jonathan; Governors Babatunde Fashola (Lagos); Bukola Saraki (Kwara); Isa Yuguda (Bauchi); Adams Oshiomhole (Edo); Muhtar; Usman; Yakubu; and CBN Governor, Chukwuma Soludo.