Grease twenty-four 2-1/2-inch muffin pans or line with paper bake cups.
In saucepan, bring water and shortening to boiling. Stir in cereal. Cook and stir for 1 minute. Remove from heat; cool to room temperature.
In a large bowl, combine flour, dry milk, baking powder, nutmeg and salt. Make a well in center.
In another bowl, mix eggs, brown sugar, raisins and honey. Stir in cereal mixture. Add all at once to flour mixture. Stir until just moistened (batter should be lumpy and thick).
Fill prepared muffin pans 3/4 full with batter. Bake in a 400 degree F. oven for 20 to 25 minutes or until golden. Remove from pans; serve warm. Makes 24 muffins.