It was one of the the worst ferry disasters of the last century.
State radio TBC Taifa said on Friday that more than 100 bodies had been found so far.
He said two other vessels had been diverted to help with the rescue operation.
Initial estimates showed that the MV Nyerere was carrying more than 300 people on board.
"I have not heard from either my father or my younger brother who were on the ferry".
The ferry was said to have been particularly busy because it was market day in Bugorora.
Shortly earlier, offficials said that at least 86 people were known to have died.
"Since my birth, people have gone to their deaths on this lake, but what are we to do?"
There were distressing scenes as dozens of people floundered in the water, as hundreds watched helplessly from the shoreline.
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Local fishermen joined emergency crews in a rescue effort to save passengers.
The ferry may have capsized when passengers moved to one side as it prepared to dock, some reports suggested.
The cause of the accident was not immediately clear, but overloading is frequently to blame for such incidents.
The MV Nyerere ferry overturned near the shore between the islands of Ukora and Bugolora.
A senior local official said the final death toll could be more than 200, after it emerged the vessel was overcrowded at the time.
The country's opposition, however, accused the government of "negligence".
"What we also know from witnesses that the ferry appeared to be overloaded".
Rescuers resumed their search at dawn.
According to The Associated Press, "Accidents are often reported on the large freshwater lake surrounded by Tanzania, Kenya and Uganda".