Wayne faced controversy at the end of last month when he posted a photo of himself meeting Trump online, praising the president for his work on criminal justice reform.
Appearing on the radio show The Breakfast Club, Fiddy explained how he was offered an initial fee of $500,000 (£377,500) to perform at Trump’s inauguration if he had won a second term.
“[They were] offering me a million dollars to come to Trump’s inauguration, right? I passed on it,” he said.
“[It was] $500,000, and then it went up to $1 million while I was still confused with whether I should do it.”
When co-host Charlamagne tha God remarked about Wayne “definitely” receiving a cheque for endorsing Trump, Fiddy replied: “Oh yeah, I’m sure. Easily. He got paid.”
In the same interview, Fiddy explained that he eventually passed on the Trump campaign’s offer because he believed the president was only interested in attempting to win the votes of the African-American community.
“He participated with different artists and shit like that for the black vote… And I’m going, ‘Nah, I ain’t gon’ put myself in that position,’ ’cause I didn’t know what I was got to do to recover from it, right? To be honest with you,” he said.
50 initially mocked Lil Wayne at the time of the photograph, telling him that he would have “never” considered the idea of posing with the president.
He had previously said he was considering supporting Trump himself, but later retracted the claim.