This is because of a bug in the .net framework. When tooltips are set on a control that hosts other controls within it (like the numeric updown), tooltips are not shown on those child controls.
To workaround this issue, do the following in code:
[C#]
foreach(Control c in this.numericUpDown1.Controls)
{
this.tooltip.SetToolTip(c, 'mytooltip');
}
[VB.Net]
Dim c As Control
For Each c In Me.numericUpDown1.Controls
Me.tooltip.SetToolTip(c, 'mytooltip')
Next
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