The insurgents stormed Buratai village on motorbikes around 8:00pm (1900 GMT) yesterday, killed their targets and fled, a security source said.
"Two people were killed instantly and three others that sustained gunshot (wounds) are currently receiving treatment at the Biu General (government) Hospital," he said.
A Buratai resident, Garba Musa, said the insurgents invaded the village on motorcycles.
"They were blood thirsty. This is not the first time they are attacking us. They were here on March 27 on the eve of the presidential elections...," Musa said.