What is a Public Corporation?
A public corporation is a business organization established by an Act of Parliament or decree to provide essential services to the public. It is owned and controlled by the government but operates with some independence to serve national interests rather than make profits.
Quick Summary
- Created by law (Act of Parliament or decree) to provide essential services
- Owned by government but managed by board of directors
- Focuses on public service, not profit maximization
- Examples: Nigerian Railway Corporation (NRC), Nigerian Postal Service (NIPOST)
- Funded through government grants, loans, and service charges