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WEEK 10
TOPIC: PUBLIC CORPORATIONS
CONTENTS: (1) Meaning –
(a) Definition.
(b) Reasons for setting public corporations.
(c) Functions of public corporations.
(d) Examples of public corporations.
Sub-Topic 1: DEFINITION AND TYPES OF PUBLIC CORPORATIONS
Definition of public corporations
Public corporations are government owned establishments and enterprises established through the acts of parliament or statutes, decrees or edicts to provide essential social and welfare services to the people. Public corporations are owned by the government but managed by board of directors appointed by the government.
Types of public corporations
There are two main types of public corporations:
- Those providing essential services like water corporations, Power Holding Company of Nigeria, Federal Housing Authority and Nigeria Ports Plc.
- Those of commercial nature like state owned banks, hotels, textile mills, insurance companies and transport services.
EVALUATION
- What are public corporations?
- Highlight the two types of public corporations.
Sub-Topic 2: REASONS FOR SETTING PUBLIC CORPORATIONS
- The Nature of their Services: Government prefers to handle the rendering of these essential services in order to reduce their costs.
- Capital Involvement: the huge amount of capital involved may never be afforded by individuals, hence, government involvement.
- Prevention of Exploitation: if private enterprises are allowed to render the essential services, there will be exploitation.
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