Preheat oven to 350 degrees. Line a cupcake tray with paper liners. In a separate bowl, blend flour and baking powder. Set aside. In a large mixing bowl, beat together butter, sugar and vanilla extract, until light and fluffy. Add eggs, one at a time, beating well after each addition. Add cinnamon and nutmeg, and mix well. Add flour mixture to sugar/butter mixture alternately with eggnog, beginning and ending with flour mixture; mix after each addition. Fill the cupcake liners three-quarters full with cupcake batter. Bake the cupcakes for 18 to 20 minutes, or until they’re golden brown and cooked through. Cool the cupcakes completely.