Preheat the oven for 350 degrees and line a muffin pan with cupcake liners. Set aside.
In a small bowl, mix together flour, baking powder, salt, cinnamon and nutmeg. Set aside.
Using an electric mixer, beat butter and vanilla extract until creamy.
Add sugar, oil and eggs beat until well combined.
With a mixer on low speed, slowly alternate adding the flour mixture and the egg nog until each one is combined.
Fill cupcakes ¾ full and bake in preheated oven for about 18 minutes or until a toothpick inserted in center comes out clean.