This was part of resolutions the group reached at its meeting, which ended early on Thursday in Abuja.
In a communiqué read by its Chairman, Governor Chibuike Amechi, the group said it took the decision after long deliberations.
“The forum deliberated extensively on the continuing illegal deductions from the Federation Account towards offsetting oil subsidy, excess crude by the Federal Government and unanimously resolved to go to court to seek legal redress,” the communiqué said.
The forum sympathised, particularly with the government of Plateau State, on the recent loss of lives and property in the state and condemned the recurring insecurity in the country.
The governors also appealed to the federal government to urgently take steps to address the security challenges presently facing the country.
It appealed to the Federal Government to urgently commence the recruitment, intensive training and proper deployment of security agents across the country.
The forum also called on customs and immigration services to tighten security at the borders to prevent hoodlums from gaining entry into the country.
The group further resolved to constitute an economic and security intervention committee with membership from Rivers, Bayelsa, Ekiti, Abia, Plateau, Adamawa and Zamfara states.
It also expressed a willingness to meet with President Goodluck Jonathan on emergency intervention plan focusing initially on agriculture and other economic generating programmes for employment generation in northern states.
It described the deduction as unconstitutional and negation of the principle of federalism and budgetary provision.