A:Aqeeqah is a meritorious act but not compulsory. Usually two sheep (or two portions in a cow) for a boy and one sheep (or one portion in a cow) for a girl is slaughtered. One sheep for a boy also suffices.
The benefit of Aqeeqah is that it is thanksgiving unto Allah for the child and it is also a means of protecting the child from evil. Remember that Aqeeqah is not compulsory. If one is by the means, it can be done, otherwise omitted. It is best to do it on the seventh day after birth. If not then before the child reaches the age of maturity. (Fataawa Mahmoodiyah V17 P509/510).
Moulana Yusuf Laher