"I shall not disappoint you," Mr Tinubu told President Buhari at the event.
President Muhammadu Buhari has conferred Nigeria's highest national honour, GCFR) on President-elect Bola Tinubu. The second highest national honour, GCON, was also conferred on Vice President-elect Kashim Shettima.
The award ceremony is currently being held at the Banquet Hall, State House Conference Centre, Abuja.
Mr Buhari also handed the transition documents and the baton of service to the incoming president at the occasion.
Speaking shortly after receiving the transition documents, Mr Tinubu paid tributes to the outgoing president, who, he calls "Mr Democrat."
The president-elect said that based on the details provided by the Chairman of the transition council, Boss Mustafa, the "documents clearly enumerated the efforts of the past eight years."
He told Mr Buhari that no one can deny his contributions to Nigeria's national development.
The president-elect also expressed his delight at taking over, saying "I am full of pride to say that this moment is our moment."
Mr Tinubu reiterated his belief in democracy and said nothing will deter the country from sticking to it.
"Our ways will not be smooth but we have faith in our collective abilities to confront the challenges that face us," he said.
Mr Tinubu also used the occasion to specially commend Mr Buhari for correcting the injustice of the annulment of the June 12, 1993, presidential election and the recognition and honour he gave to the acclaimed winner of the election, Moshood Abiola
"You have done your part and now a great duty will descend on me. I understand the honour given to me today and the magnitude of the task ahead.
"Whether you go to Daura or Niger or anywhere, you expect knocks on your doors.
"I shall not disappoint you," Mr Tinubu said.
Mr Tinubu will be sworn in as Nigeria's president on Monday, 29 May. However, his election is still being challenged in court by some of his opponents including Atiku Abubakar of the PDP and Peter Obi of the Labour Party.
