Abuja — Federal Government has released names of members of the newly reconstituted economic management team which would be inaugurated today at the Conference Room of the Federal Ministry of Finance, Abuja.

According to Presidency sources, the Minister of Finance, Dr. Mansur Muhtar would chair the new team which is expected to design and execute the federal government's economic policies as well as support the work of the Presidential Steering Committe on Global Economic Crisis (PSCGEC).

Apart from the Minister of Finance, other members of the team include: Minister of National Planning Commission, Dr. Shamsuddeen Usman, Minister of Power, Dr. Rilwanu Babalola, Minister of State for Finance, Mr. Remi Babalola, Chief Economic Adviser to the President, Mr. Taminu Yakubu and Deputy Governor (Economic Policy) of the Central Bank of Nigeria (CBN), Dr. (Mrs.) Sarah Alade.

Also named in the reconstituted economic management team are: the Permanent Secretary of the Federal Ministry of Finance, Mr. Steve Orosaiye; Director-General of Budget Office of the Federation, Dr. Bright Okogu; former Deputy Governor of CBN and Director Centre for Policy and Economic Research, Dr. Obadiah Mailafia; and Chairman of Stanbic IBTC Bank Plc, Mr. Atedo Peterside.Others are: Dr. Doyin Salami of the Lagos Business School, chairman of the National Economic Intelligence Committee; president of the Nigerian Economic Society and a representative of the Federal Ministry of Petroleum.

The source also confirmed that only Shamsuddeen Usman, who was the chairman, Remi Babalola, Alade, Orosaiye and Okogu were part of the old NEMT. Those dropped from the team included: Executive Chairman of the Federal Inland Revenue Service, Mrs. Ifeuko Omoigui-Okauru; Director-General of the Bureau of Public Enterprises, Mrs. Irene Chigbue and Director-General of Debt Management Office, Dr. Abraham Nwankwo.

The source, however, observed that this group of persons may be drafted into the Technical Working Groups (TWGs) which is also expected to support the NEMT.Already, a letter signed by the finance Minister and addressed to the members of the reconstituted team read, "As you would recall, His Excellency, President Umaru Yar'Adua recently announced a new framework for responding to the global economic crisis.

"The Presidential Committee on Global Economic Crisis (PSCGEC), which is the apex of the new institutional arrangement for responding to the global economic crisis as well as the implementation of the 7-Point Agenda, was inaugurated on Thursday, January 15, 2009.

The letter continued, "As a complement to the PSCGEC, Mr. President has endorsed the reconstitution of the new NMET and the TWGs. A reinvigorated and reconfigured NEMT is expected to provide the federal 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.

"While inaugurating members of the PSCGEC, President Yar'Adua, who also chairs the Committee, had tasked them to assess the impact of the global economic crisis on Nigeria with particular reference to the nation's annual budget, financial and commodity markets.

The presidential steering committee is also expected to identify more practical measures aimed at shoring up the confidence of investors and increasing production in the real sector; recommend appropriate macro-economic policy responses that can further stimulate the economy; and examine other related issues, such as unemployment, poverty reduction, food availability and ensuring a sustainable debt position.

As announced by the President, the PSCGEC members include: Vice President Goodluck Jonathan, Governor Babatunde Fashola of Lagos State, Governor Bukola Saraki of Kwara State, Governor Isa Yuguda of Bauchi State, Governor Adams Oshiomhole of Edo State, Minister of Finance, Dr. Mansur Muhtar, Minister of National Planning Commission, Dr. Shamsuddeen Usman, Governor of the CBN, Prof. Chukwuma Soludo, and Chief Economic Adviser, Dr.Tanimu Yakubu, among others.