The Board of Governors consists of a Chairman, the Director General of the Institute and nine other members including the Chief of Defence Staff or other senior member of the armed forces; an eminent economist; an eminent political scientist; the Adviser to the Federal Government on science and technology; four persons to be appointed by the President, being persons who by reason of their ability, experience or specialized knowledge of administration or of professional or business attainments are capable of making useful contributions to the work of the Institute.

The board has a specific responsibility to, on behalf of the Presidency, consider and approve:

• the long-range plan of activities for the Institute
• the programme of studies and research to be undertaken by the institute.
• The annual budget of the Institute and
• the investment plans of the Institute

It is also to ensure the submission of an annual report on the activities of the Institute and its administration, including audited accounts for the preceding year, to the President.

Since inception in 1979, the Institute has had boards of governors, chaired respectively by;