The Term refers directly to President Barack Obama's receiving of the Nobel Peace Prize.
The term contends that since 2002, the Nobel Prize committee has, on several occasions, given out the Nobel Peace Prize to individuals who have "stood up to" GWB, in accordance with the committee's own personal vendetta against Bush.
In 2002, former President Jimmy Carter was awarded the NPFNBGWB for being supposedly monitoring elections in conflict zones. He was, coincidentally enough, the most outspoken critic of George W. Bush.
Person 1: "OMG Obama just got the Nobel Peace Prize!!"
Person 2: "More like the 'NPFNBGWB.'"