In January, Brazil's consolidated public sector accounts exhibited a primary surplus of R$ 103.7 billion, as reported by the Central Bank. This surplus indicates that government revenues from taxes surpassed its expenditures, a trend commonly observed at the beginning of each year due to the concentration of federal revenue collection during this period. However, compared to January of the previous year, there was a slight decrease from the R$ 104.1 billion surplus recorded in 2025, indicating some deterioration in fiscal performance. Despite the overall positive fiscal position for January, federal state-owned enterprises experienced significant financial challenges, culminating in a deficit of R$ 3.33 billion. This downturn is noteworthy, particularly given that the state-controlled postal service, Correios, is undergoing a severe accounting crisis. The implications of these challenges could affect government policies and funding for public services, highlighting the fragile financial stability of these enterprises within the broader context of Brazil's economy. With the substantial primary surplus providing some buffer, the Brazilian government may aim to address the issues within its state-owned companies to prevent further erosion of fiscal health. Nonetheless, the dichotomy between a robust macroeconomic indicator and the struggles of key public enterprises underscores the complexities of managing Brazil's public finances, necessitating careful scrutiny and potential reforms to ensure sustainability in the future.