The incident took place on Monday morning in Fatawe village near Gwoza, where around 100 Boko Haram militants rounding up residents, tying their hands behind their backs then slitting their throats, they said.
"They killed several dozens but I can't give a precise number because we have yet to go back and take a headcount of the dead" said Amodu Kadir, a village resident who fled to Mubi village in neighbouring Adamawa state.
"The attackers who we have no doubt are Boko Haram gunmen came to the village around 10:30 am (0930GMT) and rounded up everyone including women and children after surrounding the village," he said.
"They fired several warning shots in the air before they began to tie the hands of adult males behind their back and slaughtered them while other residents watched in horror," he said.
Kadir, whose father was among the victims, said the "macabre sight sent the terrified crowd fleeing in all directions in a frenzied effort to escape.
"But the attackers pursued us on their horses, shooting and trampling to death their victims," he said.