Tafsir of Al-Baqarah 2:201

(And among them is he who says: "Our Lord, give us in this world [that which is] good"), meaning well-being and sufficiency. Qatadah said this, or [it means] a righteous wife, as stated by Ali (may Allah ennoble his countenance), or knowledge and worship, as said by Al-Hasan, or lawful wealth, as said by Al-Suddi, or righteous children, or the middle ground in creation, as stated by Ibn Umar, or health, sufficiency, victory over enemies, understanding of the Book of Allah the Almighty, or the company of the righteous, as stated by Ja'far.

The apparent meaning is that "good" (hasanah), even though it is an indefinite noun in an affirmative sentence—which does not imply universality—is nonetheless absolute, and thus refers to the most perfect form. The most perfect "good" in this world is that which encompasses all its goods, namely, the attainment of success in righteousness. Specifying it with a particular thing is not a matter of defining what is intended, as an absolute term provides no evidence for a restricted one; rather, it is a matter of providing examples. The same applies to His saying: "And in the Hereafter [that which is] good." It has been said it is Paradise; it has been said it is safety from the terror of the Standing and a harsh reckoning; it has been said it is the wide-eyed houris, which is narrated from Ali (may Allah ennoble his countenance); and it has been said it is the pleasure of [the Beatific] Vision. There are other opinions, yet the apparent meaning is the absolute [sense], intending the perfect form, which is mercy and benevolence.

(And protect us from the punishment of the Fire), meaning: preserve us from it through pardon and forgiveness, and make us among those who enter Paradise without punishment. Al-Hasan said: "Protect us from the desires and sins that lead to the punishment of the Fire." Ali (may Allah ennoble his countenance) said: "The punishment of the Fire is a wicked wife"—may Allah protect us from her—which is in line with what was previously mentioned.

The Prophet (peace and blessings be upon him) used to make this supplication more than any other, as narrated by Al-Bukhari and Muslim from Anas (may Allah be pleased with him). They also recorded from him that he said: The Messenger of Allah (peace and blessings be upon him) visited a man from among the Muslims who had become like a plucked chick. The Messenger of Allah (peace and blessings be upon him) asked him, "Did you use to pray to Allah for something?" The man replied, "Yes, I used to say: 'O Allah, whatever punishment You were going to inflict upon me in the Hereafter, hasten it for me in this world.'" The Messenger of Allah (peace and blessings be upon him) said, "SubhanAllah! You cannot bear it, nor can you endure it. Why did you not say: 'Our Lord, give us in this world [that which is] good, and in the Hereafter [that which is] good, and protect us from the punishment of the Fire'?" He then prayed for him, and Allah healed him.