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Out of the amount, N10 million was awarded to the family of late Kolade Johnson.
Johnson was shot during a raid by police officers in the Onipetesi area of Lagos while watching a football match at a viewing centre on March 31, 2019.
The incident had sparked outrage on social media, after which the police authorities identified Ogunyemi Olalekan, a police inspector, and Godwin Orji, a sergeant, as the officers involved in the shooting.
Following an orderly trial, Olalekan was dismissed from the force after he was found guilty, while Orji was acquitted.
Chairperson of the judicial panel Doris Okuwobi announced the compensation at a sitting on Friday.
The money awarded to Johnson was received by his mother.
In May, this year, the panel had awarded a total sum of ₦13.5 million to three victims of police brutality in Lagos State.