The plasma turbulence in the equatorial electrojet due to the presence of two different plasma instability mechanisms has been observed and studied for more than seven decades. The sharp density-gradient and large conductivity give rise to gradient-drift and Farley-Buneman instabilities, respectively, of different scale-lengths. A new 2-D fluid model is derived by modifying the standard two-stream fluid model with the ion viscosity tensor and electron polarization drift, and is capable of describing both instabilities in a unified system. Numerical solution of the model in the linear regime demonstrates the capacity of the model to capture the salient characteristics of the two instabilities. Nonlinear simulations of the unified model of th...