The strike, which was intended to hit insurgents, is one of Nigeria's deadliest military accidents.
Tinubu said the "the bombing mishap" in Tundun Biri village was "very unfortunate, disturbing and painful," his spokesperson Ajuri Ngelale said in a statement.
"The president directs a thorough and full-fledged investigation into the incident and calls for calm while the authorities look diligently into the mishap," said Ngelale.
What do we know about the strike?
The Nigerian army said its drone was on a routine mission that "inadvertently affected members of the community." Many of the victims were women, children and the elderly who were celebrating the Muslim festival of Maulud.
Nigeria's military, backed by the United States and Britain, as well as non-Western allies, has long been fighting Islamist militants in the country's northeast and northwest. It routinely uses airstrikes to target insurgent groups.