According to the Ministry of Finance, Pakistan posted a budget surplus of Rs. 2.1 trillion, equivalent to 1.6% of GDP, during the first quarter of the current fiscal year (July–September).
The federal and provincial financial performance report for Q1 FY 2025–26 shows that total revenues reached Rs. 6.2 trillion (4.8% of GDP), while total expenditures were contained at Rs. 4.1 trillion (3.1% of GDP). As a result, the country recorded a budget surplus of Rs. 1.2 trillion (1.6% of GDP). The primary balance also remained strong, posting a significant surplus of Rs. 3.5 trillion (2.7% of GDP).
Out of total revenues of Rs. 6.1 trillion, the Federal Board of Revenue (FBR) contributed Rs. 2.88 trillion in tax collection, while non-tax revenues amounted to Rs. 3.046 trillion. Key federal non-tax revenue components included:
- Mark-up from public sector entities: Rs. 13.3 billion
- Dividends: Rs. 26.6 billion
- PTA & other profits: Rs. 17.3 billion
- SBP surplus profits: Rs. 2.4 trillion
- Defense receipts: Rs. 6.5 billion
- Passport fees: Rs. 14.1 billion
- Crude oil discount: Rs. 4.7 billion
- Oil & gas royalties: Rs. 22.8 billion
- Crude oil windfall levy: Rs. 9.2 billion
- LPG petroleum levy: Rs. 818 million
- GIDC: Rs. 603 million
- Gas development surcharge: Rs. 7.9 billion
- Petroleum levy: Rs. 371.6 billion
- Other receipts: Rs. 46.5 billion
Total expenditure stood at Rs. 4.047 trillion, including Rs. 1.38 trillion in interest payments—Rs. 1.18 trillion on domestic debt and Rs. 201.2 billion on foreign debt. Other major spending included:
- Pensions: Rs. 672.6 billion
- Civil government operations: Rs. 558.8 billion
- Defense: Rs. 447.5 billion
- Subsidies: Rs. 119.6 billion
- Grants to institutions & projects: Rs. 319 billion
Provincial Performance
Combined, the four provinces reported a budget surplus of Rs. 781 billion during Q1. Their total expenditure stood at Rs. 1.44 trillion, while revenues reached Rs. 2.22 trillion.
Punjab led with a surplus of Rs. 441 billion, spending Rs. 579.8 billion against revenues of Rs. 1.021 trillion. The province received Rs. 882.3 billion from the federal government, while generating Rs. 109.1 billion in provincial taxes and Rs. 35.4 billion in non-tax revenues.
Sindh received Rs. 441.6 billion from the federation and generated Rs. 135.5 billion in provincial taxes and Rs. 7.9 billion in non-tax revenues.
