The governors elected on the platform of the Action Congress of Nigeria (ACN) met on Saturday, 7 January, 2012 at Lagos House, Marina, Lagos.

The meeting deliberated on the recent removal of fuel subsidy by the Federal Government. Four Governors were in attendance: Mr. Babatunde Raji Fashola (SAN), Lagos, Dr. Kayode Fayemi of Ekiti, Ogbeni Rauf Aregbesola of Osun, and Senator Ibikunle Amosun FCA of Ogun.

Two governors, Comrade Adams Oshiomhole of Edo and Senator Abiola Ajimobi of Oyo were unavoidably absent.

The governors who attended the meeting resolved as follows:

“That the responsibility for managing the nation’s petroleum resources is that of the Federal Government

“That the pre-occupation of ACN as a party and its governors is the welfare and security of our people

“Our party has already expressed its reservation about the recent policy of the Federal Government regarding fuel subsidy, particularly its sudden implementation. We fully associate ourselves with the position of our party

” In our view, the debate on the fuel subsidy is a narrow one. Subsidy is a financial and economic tool, not an end in itself. We are more concerned about the totality of the economy. For this reason, it is imperative to immediately implement the long-standing demand for fiscal federalism.

“The first step in this direction is the immediate review of the lopsided revenue allocation formula.

“Our commitment to the welfare of our people remains irrevocable despite the challenging global and local economic situations. We are also unwavering in our commitment to the deepening of democracy and the enhancement of peace and security in our dear country, as necessary conditions for the successful implementation of life enhancing economic policies and programmes that enjoy the support of our people, and reduce the burden on them.

” In the meantime, we enjoin our people to show restraint and eschew violence even as they exercise their constitutional rights.”