Combine the dry ingredients in a bowl (flour, sugar, yeast, salt, nutmeg) and mix thoroughly.
Then add the condensed milk and warm water whilst stirring with a whisk until well combined. You should be left with a wet doughy mixture.
Cover the bowl with cling film or a tea towel and leave for 1 hour 15 minutes.
Heat the lard in a deep pot and once hot either use your hand or a ladle to drop ball shaped dough into the oil.
Turn frequently until puff puff is of a golden to dark brown colour. Remove and set aside in a kitchen paper towel based bowl.
Optional: Sprinkle on top with sugar or icing sugar. Enjoy!