Pakistan's Provinces Ran a Rs 1.45 Trillion Surplus in 2025-26, Punjab Rs 914 Billion

Pakistan's four provinces together ended 2025-26 with a surplus of Rs 1,449.6 billion, about Rs 1.45 trillion. Punjab alone kept Rs 914.4 billion of it. Balochistan's surplus was only Rs 20.7 billion. The figures are in the Finance Division's provisional provincial accounts.

A provincial surplus means a province took in more money than it spent during the year. Most of the money is the share each province gets from federal taxes under the National Finance Commission (NFC) Award. We read the provincial tables on 13 October 2026. Provincial finance is a provincial matter, so each province has its own budget and its own spending decisions.

Punjab and Sindh kept 87 percent of the surplus

Punjab's surplus was Rs 914.4 billion and Sindh's was Rs 349.6 billion. Together that is Rs 1,264.0 billion, 87.2 percent of the national provincial total. Khyber Pakhtunkhwa kept Rs 164.8 billion and Balochistan Rs 20.7 billion.

Revenue includes the NFC share from the federal government, the province's own taxes and non-tax income, and federal loans and grants. Spending is reported net of a statistical adjustment. We repeat the printed totals.

Federal transfers paid most of the provincial bills

The provinces together received Rs 7,668.8 billion from the federal divisible pool. That is 76 percent of their total revenue of Rs 10,076.9 billion. Their own taxes raised only Rs 1,208.6 billion.

Sindh raised more of its own tax than Punjab, Rs 593.4 billion against Rs 496.5 billion. Most of that is sales tax on services, which Sindh collected at Rs 342.1 billion. The shares are our arithmetic on the printed rows. The 2026-27 transfers planned in the budget are in the provincial share for 2026-27.

The size of the cushion differs sharply by province

Punjab's surplus equals 19.7 percent of its revenue. Sindh's is 11.9 percent and Khyber Pakhtunkhwa's 10.2 percent. Balochistan's is only 2.4 percent, a thin margin. A small miss in federal transfers could erase it.

Both columns are our own arithmetic. Khyber Pakhtunkhwa and Balochistan raise only a small part of their revenue themselves, so they depend more on the federal share. Sindh raises the largest share of its own revenue, one fifth.

Provinces spent Rs 2.70 trillion on development

The provinces' own development spending, mostly roads, schools, hospitals and water schemes, was Rs 2,700.9 billion. That is nearly four times the federal development spending of Rs 727.4 billion shown in the national table.

Balochistan spent Rs 340.5 billion on development out of Rs 854.0 billion of total spending. Development was 40 percent of its budget. Punjab's share was 33 percent.

A surplus is not the same as unspent school or hospital money

The Finance Division table does not explain why provinces kept the surplus. It notes only that the financing line reflects "surplus/deposits of the Provinces". We do not know how much of the money is planned for later projects.

The surplus also helps the national numbers. The provinces' Rs 1,449.6 billion reduced the combined deficit, which closed at Rs 3,313.4 billion, as set out in the 2025-26 fiscal deficit report.

The Budget in Brief had estimated the provincial surplus at Rs 1,379 billion in May. The provisional actual is Rs 70.6 billion higher.

How to check your own province

1. Open the Finance Division "Pakistan Fiscal Operations" page.
2. Open the July to June 2025-26 file.
3. Go to Tables 6 to 9, one for each province.
4. Read the "Overall balance" row in the last column.
5. Remember the figures are in Rs million.

A surplus is revenue minus spending

A provincial surplus is the revenue a province received minus what it spent in the year. The printed rows let you check it yourself.

Punjab took in Rs 4,651.0 billion and spent Rs 3,736.6 billion, which leaves Rs 914.4 billion. Sindh took in Rs 2,931.2 billion and spent Rs 2,581.6 billion, which leaves Rs 349.6 billion. Balochistan took in Rs 874.7 billion and spent Rs 854.0 billion, which leaves Rs 20.7 billion.

The subtraction is our own arithmetic on the printed figures. Balochistan's gap is small, so its budget has little room if federal transfers arrive late or fall short.

Common questions

Which province had the largest surplus in 2025-26?

Punjab, with Rs 914.4 billion in the Finance Division's provisional table.

How large was the combined provincial surplus?

Rs 1,449.6 billion, about Rs 1.45 trillion.

Where does most provincial money come from?

From the federal divisible pool under the NFC Award. It was Rs 7,668.8 billion, 76 percent of provincial revenue.

Does a surplus mean a province did not spend its development money?

Not necessarily. The table gives no reason. Provinces spent Rs 2,700.9 billion on development, and the surplus is the balance after all spending.

Which province raised the most of its own tax?

Sindh, with Rs 593.4 billion, against Punjab's Rs 496.5 billion.

Are these final?

No. The Finance Division marks them provisional.

How we verified this

What we checked, where we read it, and what we could not confirm.

Last checked on 13 October 2026, Pakistan time. We read Tables 4 to 9 of the July to June 2025-26 file on the Finance Division's Pakistan Fiscal Operations page, and the May estimate in the Budget in Brief 2026-27. The file's modified date is 13 August 2026. We did not read the provinces' own accounts. Percentages are our arithmetic.