The Brazilian federal government is projecting a record total revenue of R$ 3.24 trillion (approximately $632 billion) for 2026, an amount equivalent to 23.7% of the nation’s gross domestic product and the highest share since 1997. The projection suggests the government of President Luiz Inácio Lula da Silva has the spending capacity to fund its programs for the coming year, but a closer look at the sources of the income suggests the fiscal position remains fragile, underpinned by new and, in some cases, temporary revenue measures rather than structural economic improvement.