Government accounts have a surplus of R$4.8 billion in September

The Central Government accounts, which bring together the National Treasury, Social Security and the Central Bank, recorded a primary surplus of R$4.8 billion in September, after a deficit of R$14.4 billion in the same month of 2025, the National Treasury Secretariat reported this Thursday (29).

Net revenue grew 13.6% (an increase of R$24.6 billion) above inflation compared to September last year, while expenses increased 2.4% – which corresponds to an increase of R$4.7 billion.

The result was mainly driven by the increase in revenue from oil, income tax and extraordinary revenue resulting from the return to the Union of resources relating to court orders from previous years canceled by the Judiciary.

High oil prices help revenue

Revenues from the exploration of natural resources grew by R$5.7 billion in real terms, an increase of 71.9%. According to the Treasury, the advance reflected the international appreciation of oil, the increase in production and the commercialization of oil and gas in the Union by Pré-Sal Petróleo (PPSA).

The item other unmanaged revenue increased by R$12.8 billion in real terms, mainly due to the return of canceled precatório resources.

Income Tax collection grew by R$7.3 billion above inflation, driven mainly by Corporate Income Tax. The export tax on crude oil also contributed to the result, with revenue of R$2.9 billion in the month.

Expenses

On the expenditure side, extraordinary credits increased by R$9.9 billion. According to the Treasury, most of the resources were allocated to measures to reduce the economic impacts of the war in the Middle East.

Of this total, R$7.6 billion was allocated to economic subsidies for the production and import of diesel and petroleum derivatives.

The report shows that the war in the Middle East was present both on the revenue and public expenditure side. While the rise in oil prices favored revenue from the exploration of natural resources, extraordinary expenses were directed to actions to mitigate the economic impacts of the conflict.

Spending on social security benefits grew by R$2.1 billion above inflation, reflecting the increase in the number of beneficiaries of the General Social Security Regime (RGPS) and the policy of real appreciation of the minimum wage. Part of this pressure was offset by the drop of R$8.4 billion, in real terms, in discretionary expenses.