The president also gave team officials N500,000 each.
On Sunday, D’Tigress emerged champions of the 2017 FIBA Women’s Afrobasket tournament.
They clinched the title after defeating the Senegal team 65-48 in the final.
Buhari made the announcement at the commencement the weekly federal executive council (FEC) meeting on Wednesday – the first he would attend since he returned from his medical leave in the UK.
On her part, Aisha Mohammed, team captain, said the cash reward from the president would encourage them to win gold next year in Spain.
Also, Musa Ahmadu Kid, president of Nigeria Basketball Federation (NBF), said the team won because of the “democratic process that has returned to the federation”.
He further expressed optimism that the team could achieve the same success when they go to Spain.