The way the bushings are made is a layer of rubber vulcanized between the outer shell and the inner sleeve.
The outer shell is pressed in place in the arm and the inner sleeve is secured to the shaft.
The rubber flexes under normal operating conditions and provides noise free operation.
When they wear out the rubber starts to come apart until you have pieces rubbing together causing noise and ultimately allowing for play between the parts.
Once they get like this there is no amount of lube in the world that can repair them.
I would say to check that the nuts that secure them to the shaft are in fact tight. If they are and you definately have noise from the bushings then you will have to replace them.