Should we celebrate eid milad un nabi or not?

It's actually called Mulad-Al-Nabi s.a.w. and it's the celebration of Prophet Mohamed's p.b.u.h. birthday. In some countries there are festivals and gifts given out. Other places read Quran the whole night. Each Islamic country celebrates it differently, but in other countries like in Saudi Arabia they think it is not right to have any celebration at all on this matter because the previous followers of (Sahabah) they did not celebrate in the birthday nor the date of death for any one.