SBP Transfers Rs. 1.932 Trillion to Federal Government, Beating FY27 Target by Nearly Rs. 500 Billion

The State Bank of Pakistan (SBP) has transferred Rs. 1.932 trillion in profits to the federal government, comfortably surpassing the Finance Ministry's budgeted estimate of Rs. 1.435 trillion for the entire FY27 fiscal year by close to Rs. 500 billion. The payout follows amendments to the SBP Act approved by Parliament, under which surplus profit earned in the preceding fiscal year is handed to the Finance Ministry at the start of the new financial year.

The central bank's contribution now stands as the single largest source of non-tax revenue for the federal government. Official figures show the government collected Rs. 2.36 trillion in non-tax receipts during the first two months of FY27, against a full-year target of Rs. 5.33 trillion, with the SBP accounting for the bulk of that amount. In FY26, the central bank had contributed Rs. 2.619 trillion to government revenues, exceeding its original target of Rs. 2.4 trillion.

The petroleum levy ranked as the second-largest contributor, generating Rs. 220.2 billion between July and August. Other notable receipts included Rs. 27.58 billion from the Climate Support Levy, Rs. 25.85 billion in oil and gas royalties, Rs. 18.83 billion in markup on loans to state-owned enterprises, Rs. 16.8 billion in markup from provincial governments, and Rs. 16.07 billion from the Pakistan Telecommunication Authority.

Additional inflows came from the New Energy Vehicle Adoption Levy at Rs. 7.22 billion, passport fees at Rs. 7.279 billion against an annual target of Rs. 73 billion, the windfall levy on crude oil at Rs. 5.1 billion, and Rs. 3.71 billion from crude oil price discounts. The Natural Gas Development Surcharge added Rs. 12.61 billion, while grants from provincial governments contributed Rs. 34.8 billion and dividend collections amounted to Rs. 2.096 billion.

The Off the Grid Captive Power Plant Levy, which carries an annual target of Rs. 15.7 billion, generated no revenue during the period. For FY27, the government has set an annual petroleum levy target of Rs. 1.676 trillion, alongside projected receipts of Rs. 140.5 billion from oil and gas royalties and Rs. 70.81 billion from the Natural Gas Development Surcharge.

The larger-than-expected central bank transfer provides the government with additional fiscal breathing room at a time when non-tax revenue is being relied upon heavily to meet budget targets. The SBP's payout alone covers more than a third of the full-year non-tax revenue goal, underscoring the central bank's outsized role in supporting the federal budget.