The principal responsibility of the Governing Council is to give counsel generally to the Board having regard to the objects of the Authority. NSIA's top-level strategy is therefore set by the Governing Council.
The Governing Council is currently composed of 35 members, including the President and Commander in Chief of the Nigerian Armed Forces who serves as the Council's Chairman. The NSIA Act 2011 provides that the Vice President of the Federal Republic Nigeria can represent the Nigerian President as Chairman of the Governing Council.
Other members of the Council include:
- The Honourable Minister of Finance;
- The Honourable Attorney General of the Federation and Minister of Justice;
- The Honourable Minister of Budget and National Planning;
- The Governor of the Central Bank of Nigeria;
- The Chief Economic Adviser to the President;
- The Chairman, Revenue Mobilization, Allocation and Fiscal Commission;
- Each of the 36 State Governors and Minister of the FCT,
- Twelve members of the public as appointed by the president on the recommendation of the National Economic Management Team to represent the academia, civil society, the youth, professionals across different fields and the general public.
The twelve members of the public, who are appointed by the President of the Federal Republic of Nigeria each serve single terms of four years.
The Council meets at least once annually and receives on an annual basis, the report of the performance of the Management team of the Authority. It also reviews matters relating to the NSIA including:
- Mid and long-term investment policies;
- Modification of financial status, such as the increase or decrease of capital;
- Entrustment of assets to the NSIA;
- Appointment and/or dismissal of Executive Officers;
- Evaluation of management's performance and;
- Overall outlook of the Fund.