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In small bowl, gently whisk oil, sugar, vanilla, nutmeg and cinnamon until well combined.
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Place pretzel nuggets in a medium to large microwavable bowl and pour sugar and oil mixture over the top. Toss or stir to coat.
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Microwave on high and uncovered for 2 minutes. Stir.
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Microwave 2-4 minutes longer. Stir after each minute until oil is absorbed.
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Lay out pretzels to cool. (I used a parchment lined baking sheet.)
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Cool to room temperature before eating.
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Store in an air tight container.