He spoke at a ceremony in the capital Dakar, on Tuesday night, during which thousands of jubilant supporters took to the streets to welcome the victorious Lions of Teranga home.
Senegal beat hosts Morocco 1-0 after extra time, having staged a walk-off after they had a penalty awarded against them deep in stoppage time at the end of 90 minutes.
After the Senegal players returned to the pitch, Morocco missed the spot kick, and Pape Gueye then won the trophy with a superb strike four minutes into extra time.
Earlier on Tuesday, the Senegal players rode atop a bus emblazoned with the words 'African champions' along Dakar's corniche towards the presidential palace.
The bonuses of 75 million CFA francs ($134,892.09) for each of the squad's 28 players total 2.1 billion CFA francs or $3.7 million. The players will also receive 1,500 square-metre plots of land.
In addition, Faye said members of Senegal's federation would receive 50 million CFA francs and 1,000 square-metre plots, while members of the Senegalese delegation to Morocco would receive 20 million CFA francs and 500 square-metre plots.
He said sports ministry staff would receive 305 million CFA francs in bonuses.
Debt woes in Senegal
The pledges come as Senegal grapples with debts that the International Monetary Fund said hit 132% of GDP at the end of 2024 after the current leadership uncovered billions in debts that were not reported by the previous administration.
The IMF froze a $1.8 billion lending programme over the controversy, forcing Senegal to rely heavily on regional debt auctions to meet its financing needs.
The new IMF mission chief travelled to Senegal for an introductory visit this week.
"Dear Lions, you have honoured the flag entrusted to you. You have honoured Senegal. You have shown by example that when Senegalese people move forward together with discipline and confidence, no challenge is beyond their reach," Faye said on Tuesday while speaking on a stage in front of the presidential palace.
Senegal won the Africa Cup of Nations for the first time in 2021, beating Egypt in the final. Back then, players were awarded bonuses worth 50 million CFA francs and 200 square-metre plots of land.
Patrice Motsepe, president of the Confederation of African Football, said in December that the winners of the 35th edition in Morocco would receive $10 million in prize money.