Preheat the oven to 350°F. Grease a 8" round cake pan and line it with parchment paper.
In a mixing bowl, sieve flour, baking powder, baking soda and salt.
In a large mixing bowl, combine oil (or melted and cooled butter) and sugar, beat until the mixture turns light, about 3~4 minutes. Add condensed milk and beat again until well combined. Stir in vanilla extract.
Add ⅓rd of the flour mixture to the oil mixture and mix until combined. Add ½ of the milk and mix well.
Next add another ⅓rd of the flour mixture, mix and add the remaining milk.
Finally add the remaining flour and mix well until combined.
Stir in the nut & tutti fruity and mix until evenly distributed.
Pour the batter into the prepared pan and bake in the preheated oven for 30~35 minutes or until a cake tester inserted in the center comes out clean. If the cake seems to be browning too fast, then either cover the pan with aluminum foil.