Odds are that you have a ton of crud under the pulley end caps.
Remove the bolt then remove the pulley, take apart and clean the individual parts, pushing the inner bushing out and cleaning there too. Put it back together with oil on the bronze bushing, with clean end caps and bolt it back together.
You shouldn't need any Loctite, but if it makes you feel better you can grade T242, which can be taken apart easily later on.
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