My first thought is a possible leaking wheel seal, which is not uncommon for an "oil bath" wheel bearing. Remove the center portion of the wheel cover (if you can), if you find a plastic "window" with a rubber plug in the center, that's the common oil bath wheel seal, which are known to develop leaks with age. Fortunately they aren't expensive and are a fairly easy DIY replacement (if potentially a bit messy). You'll see 2 circles on this plastic window, the oil level is "low" at the outer ring and full when even with the inner one. Here, I even found a short video about it:
You do *NOT* want the bearings to run dry, they *WILL* run hot and likely fail if they do, possibly losing the tire in the process. The bearings will use a common 75-90 (or similar) gear oil IIRC.
My bus does not have this. I have a solid metal bearing cover that's bolted on, which means I'm running greased bearings.