Steering squeak fix?

Hi,

I have a squeak coming from where the steering shaft comes out of the firewall.

In the pic attached, it seems to emanate from where the rusty shaft protrudes from the round piece that's blurred in the background.

Is it a matter of simply greasing that area or does the squeak point to something worse to come? If greasing is the solution, can someone point me to where and how?

Thanks!