In a bowl, whip eggs, milk, vanilla extract, and nutmeg until frothy.
In a separate bowl or shallow dish, combine the graham cracker crumbs and sugar.
Smear one slice of bread with Nutella and another slice with marshmallow fluff. Sandwich together, keeping the Nutella and fluff on the inside. Dip in the egg mixture, then crumbs.
Grease a skillet or griddle well and heat it to to 325 degrees. Cook the S’mores for 8 minutes on each side. Cut in half. Douse with powdered sugar.