All perfect praise be to Allaah, The Lord of the Worlds. I testify that there is none worthy of worship except Allaah, and that Muhammad is His slave and Messenger.
The scholars differed in opinion regarding the ruling of combining a sacrifice (slaughtered in 'Eed) and 'Aqeeqah (slaughtered for a newborn).
The scholars from the Hanbali School of jurisprudence are of the view that slaughtering an animal with the intention of both the sacrifice and the 'Aqeeqah is permissible. This is also the view of some Shaafi'i scholars.
However, the Maaliki scholars and some Shaafi' scholars are of the opinion that the intention of sacrifice and 'Aqeeqah can not be combined since both are separate forms of worship prescribed independently, and thus, if one does so, he neither gets the reward of sacrifice nor does he get the reward of 'Aqeeqah.
Therefore, there is no doubt that in order to be on the safe side, it is better to slaughter a sheep for the sacrifice and slaughter another sheep for the 'Aqeeqah, if one is able to do so.
If one cannot afford to do so, then we hope that one sheep would suffice for both deeds.
Besides, the scholars differed in opinion whether or not other than a sheep can be slaughtered in 'Aqeeqah? No doubt, it is better to stick to what is proved in Islamic legislation, that is two sheep for a baby boy and one sheep for a baby girl.
Allaah Knows best.