I use WD-40 to loosen rusty nuts and screws and to dry wet ignitions. I do not recommend it as a lubricant because it will not last and it does not protect metals from corrosion. WD-40 is very light petroleum product that penetrates well, absorbs water, and evaporates over a short period of time (a few weeks if you’re lucky). It is a very good product; however it is a poor lubricant due to its thin film strength and it short life. So for lubricating small bushings I recommend:
A drop of oil if I lubricate often
One of the LPS products depending on severity of the service: LPS 1, LPS2, or LPS3
One of Loctite products, I like their spray lithium grease
If the bushings are not metal, make sure lubricant is compatible with the material.
What type of temperatures range are you looking at? For an outside air damper in the arctic, a heavy lubricant like spray lithium grease might be too stiff.