The explosion rocked the Nyanya station south of Abuja at 6:45am (0545 GMT), leaving body parts scattered across the terminal and destroying dozens of vehicles.
It was the deadliest single attack ever to hit Nigeria's Federal Capital Territory, which includes Abuja and surrounding areas.
The explosion "emanated from a vehicle" parked within the station, said Charles Otegbade, head of search and rescue at the National Emergency Management Agency (NEMA).
National police spokesman Frank Mba put the toll at 71 dead and 124 injured, with the wounded being treated at area hospitals.
Visiting the site, President Goodluck Jonathan blamed Boko Haram group for the attack, vowed that Nigeria would overcome the brutal insurgency being waged by the militant group.
The militant group who want to create a strict state in northern Nigeria, have previously bombed areas in and around the capital, including a 2011 car bombing at the United Nations headquarters in the city that killed at least 26 people.
NJF/NJF