The Nigerian Communications Act (2003) conferred on the President of the Federal Republic of Nigeria the power to constitute an eleven (11) member USP Board to, among other functions, provide broad policy directions for the management of the USPF. The Act states that membership of the Board shall comprise:

1. The Minister of Communication Technology as Chairman
2. The Board Chairman of Nigerian Communications Commission as Vice Chairman
3. Two (2) Commissioners
4. One (1) representative of the Ministry of Communication Technology
5. One (1) representative of the Minister of Finance
6. One (1) representative of the Chairman, National Planning Commission; and
7. Four (4) private sector representatives.