The 27-year-old rapper claims she was offered the money in exchange for her silence, following the alleged shooting in July 2020.
During an emotional interview on "CBS Mornings" with Gayle King, Megan shared, "He said, 'I'm so sorry. Please don't tell nobody. I'll give y'all $1 million if y'all don't say nothing.' And I'm like, 'What are you talking about? Why are you offering me money right now? Help me. And if you're sorry, just help me.' "
Megan also feared the police would open fire if they arrived on the scene and saw a "hot gun".
The rap star explained how the death of George Floyd, in May 2020, influenced her thinking at the time.
The "Hot Girl Summer" femcee shared, "I was like, 'Oh my God, we're all about to die.' The George Floyd incident had just happened. The police are definitely very much shoot first, ask questions after."
Megan initially told police officers that she stepped on glass. But the rapper eventually confessed to having been shot when she underwent surgery on her foot.
Megan - whose real name is Megan Pete - recalled, "I was lying to protect all of us. Sometimes I wish I really would've never said that."
Tory, 29, is facing two felony charges of assault with a semiautomatic firearm and carrying a loaded, unregistered firearm in a vehicle. The Canadian hip-hop star is also accused of having "personally inflicted great bodily injury."
However, the "Alone at Prom" artist previously denied the allegations, claiming in the song "Money Over Fallout" that he'd been framed. He said, "Megan people tryna frame me for a shooting."
The rapper's trial is set to begin on September 14.