Get taxonomy singular name instead of taxonomy slug inside $taxonomy query

get_object_taxonomies() by default returns a list of taxonomy names like category and post_tag. If you want the function to return taxonomy objects instead, then set the second parameter to objects:

$taxonomies = get_object_taxonomies($custom_post_type_name, 'objects');

And then change your foreach () code to foreach ($taxonomies as $taxonomy => $tax_object), then use $tax_object->labels->singular_name to access the singular label of the specific taxonomy.