The vessel was believed to be overcrowded with almost 100 passengers, said Zurah Ganyana, a senior police officer at the scene.
"If people had help earlier so many more people would have survived", Matovo said.
"We rushed to help but the passengers couldn't swim and when we got beside them with our boats they grabbed us", he said.
There was a party going on aboard the boat, with loud music, at the time of the accident, Museveni said.
A rescue worker recovers the body of a passenger after the cruise boat capsized in Lake Victoria.
The rescue boat arrived on time and all the survivors went onboard but they boarded in big numbers and it also capsized and that's when majority drowned and died. "The number of people on board was too much compared to the size of the boat".
Police and defence force soldiers load the bodies of boat cruise accident victims on to waiting trucks. One young woman, seeing a victim she apparently recognised, collapsed and was take to the hospital.
The MV K Palm owned by Templar Bissase Kisosonkole capsized with more than 100 people on board, on a journey that started at Gaba Landing site, a suburb of Kampala to K-Palm beach, in Mpatta Sub County Mukono district. "They were shouting 'Help us! We can not now tell when this operation will end, it will be determined by number of recoveries we have made", Mugenyi said.
"We expect (the number of passengers) is beyond the capacity of the boat".
According to the officers in charge of the rescue operations, the ill-fated boat was meant to be undergoing repairs due to a long-standing mechanical problem.
President Yoweri Museveni offered his condolences to the victims and said his government will introduce a new electronic registration and tracking system for all boats on Uganda's lakes in a bid to prevent such incidents.
The accident comes barely two months after 224 people perished after Tanzania's MV Nyerere capsized in Lake Victoria.