The positive result for the month was greater than that of 2025, but the accumulated balance for the year fell 88.1%
The federal government recorded a primary surplus of R$25.2 billion in April 2026. The result was released by the National Treasury this Thursday (May 28, 2026), in Brasília. In the same month of 2025, the positive balance had been R$18.2 billion. Here is the full text (PDF – 982 kB) and (PDF – 1 MB).
The result was above market expectations, whose median was R$24.7 billion. Despite the improvement in the monthly result, the accumulated result for the year shows a deterioration in public accounts and increases the pressure on meeting the 2026 fiscal target.
The April surplus was not enough to reverse the worsening observed in the year to date, mainly due to the increase in social security, court-ordered and mandatory expenses.
From January to April, the Central Government recorded a surplus of R$8.7 billion. In the same period of 2025, the positive balance had been R$73.2 billion. The drop was 88.1% in nominal terms.
According to the National Treasury, net revenue grew 5.8% above inflation in April in the annual comparison, while total expenditure increased 3.3%.
Collection was driven mainly by the increase in revenues from Income Tax, Cofins (Contribution to the Financing of Social Security), IOF (Tax on Financial Operations) and contributions to the General Social Security Regime.
The IOF registered a real increase of 29.5% in April compared to the same month in 2025, favored by credit operations and foreign currency outflows following legislative changes implemented in June last year.
Revenue from dividends and participations fell 82.4%, influenced by the reduction in transfers from state-owned companies, particularly Caixa Econômica Federal, which stopped sending dividends during the month.
On the expenditure side, spending on social security benefits grew 3.4% above inflation in April, while personnel expenses and social charges rose 9.8%.
Year-to-date, total expenses increased by 14.2% in real terms, driven mainly by the advance payment of court orders and court sentences.
The National Treasury also reported that the primary deficit accumulated in the 12 months up to April reached R$130.6 billion, equivalent to 0.97% of the Gross Domestic Product (GDP). The Federal Government’s bimonthly revenue and expenditure report projects a deficit of R$60.3 billion for 2026.
