Mr Tinubu appointed new ministers for humanitarian and poverty reduction, trade and investment, labor and livestock development, along with junior ministers for foreign affairs, education and housing, the statement said.
The ministers for education, tourism, women’s affairs, and youth development and the junior minister for housing were fired.
Since Mr Tinubu took office last year, the country’s inflation rate is at a 28-year high and the naira currency is at a record low on international markets.
Frustration over the cost-of-living crisis has led to several mass protests in recent months. In August, at least 20 people were shot dead and hundreds of others were arrested at a protest demanding better opportunities and jobs for young people.