State-Owned Companies Accumulate Historic Losses Under Lula's Government: R$ 18.5 Billion Deficit

State-Owned Companies Accumulate Historic Losses Under Lula’s Government: R$ 18.5 Billion Deficit

Written by Fabio Lucas Carvalho

Published on 20/10/2025 at 10:41

Estatais acumulam déficit histórico de R$ 18,5 bilhões no governo Lula, com má gestão, uso político e gastos excessivos.

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Billion-Dollar Shortfall of R$ 18.5 Billion, SOS Requests from Correios, Political Positions, and Questionable Strategic Decisions Ignite Debate on the Management of State-Owned Companies in Lula’s Third Term and Its Impact on Public Accounts.

The primary deficit of federal state-owned companies — excluding Petrobras and public banks — hit R$ 18.5 billion in the third term of Luiz Inácio Lula da Silva (PT), the highest value recorded since the start of the Central Bank’s historical series.

The number has raised alarms among economists, who point to causes ranging from mismanagement and political use of the companies to rising costs and changes in the global macroeconomic scenario.

Excessive Spending and Political Use Are on the Radar

Economist Elena Landau, former director of privatizations at BNDES, believes the problem has roots that go beyond the economic situation. You can check the full report on the CNN Brasil website.

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Polarization and Fiscal Pressures Hinder Management

Besides internal and structural factors, other elements help explain the deterioration of results in the current government.

Internal political polarization complicates efficient management, while the shift from the Spending Cap to the new Fiscal Framework creates new pressures on public accounts.

International conflicts, such as those involving Ukraine and the Middle East, also affect global energy and food prices, amplifying the challenges.

Amid this scenario, the lack of technical professionals in companies and the appointment of political allies to management positions remain recurring points of criticism.

Despite the current negative scenario, experts remind that the trajectory of state-owned companies was different in Lula’s early terms.

In the early 2000s, the companies recorded significant growth, made relevant investments, and presented robust financial results.

The context was different: the country was experiencing a commodities boom and had the legacy of fiscal surpluses left by the government of Fernando Henrique Cardoso.

Today, the scenario is one of greater complexity and multiple challenges. The combination of mismanagement, political use, rising costs, and an adverse economic environment paints a delicate picture for Brazilian state-owned companies — and calls into question the current model of administration for these strategic companies for the national economy.

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State-Owned Companies Accumulate Historic Losses Under Lula’s Government: R$ 18.5 Billion Deficit

Billion-Dollar Shortfall of R$ 18.5 Billion, SOS Requests from Correios, Political Positions, and Questionable Strategic Decisions Ignite Debate on the Management of State-Owned Companies in Lula’s Third Term and Its Impact on Public Accounts.

Excessive Spending and Political Use Are on the Radar

Polarization and Fiscal Pressures Hinder Management

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State-Owned Companies Accumulate Historic Losses Under Lula’s Government: R$ 18.5 Billion Deficit

Billion-Dollar Shortfall of R$ 18.5 Billion, SOS Requests from Correios, Political Positions, and Questionable Strategic Decisions Ignite Debate on the Management of State-Owned Companies in Lula’s Third Term and Its Impact on Public Accounts.

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